Franklin Templeton and SWIFT Outline 24-7 On-Chain Banking Vision – Tokenized Funds and Deposits Move Toward Early Infrastructure

Key Takeaways

Asset Managers Push Money Market Funds On-Chain

Franklin Templeton is advancing the tokenization of money market funds, positioning them as a core use case for blockchain-based financial infrastructure. Speaking at Consensus Hong Kong 2026, Chetan Karkhanis of Franklin Templeton said the objective is to take traditional financial instruments and make them cheaper and more efficient by issuing them natively on-chain.

The firm is focusing on money market funds, a global asset class valued at roughly $10 trillion and composed primarily of short-term Treasuries and repurchase agreements. By placing fund shares directly on blockchain networks, Franklin Templeton enables access through self-custody wallets or exchanges. This structure is designed to provide 24-7 liquidity, removing traditional cut-off times associated with fund subscriptions and redemptions.

In addition to continuous access, the firm aims to reduce operational expenses. Shareholder servicing fees in traditional structures can range from five to 15 basis points. Tokenized issuance, according to the company, can lower these costs by streamlining record-keeping and transaction processing.

For users of crypto platforms, tokenized money market funds represent a regulated yield-bearing instrument that can exist alongside stablecoins and other digital assets within blockchain ecosystems. The model allows investors to hold fund shares in digital wallets rather than through conventional brokerage accounts.

SWIFT Develops Infrastructure for Tokenized Deposits and CBDCs

On the banking side, SWIFT is working on integrating tokenized deposits and central bank digital currencies into existing global payment systems. Devendra Verma, representing SWIFT’s digital assets unit, described tokenized deposits as digital representations of fiat balances already held on bank balance sheets.

Rather than replacing existing liabilities, tokenized deposits mirror traditional fiat holdings in a new digital format. This approach allows banks to modernize payment processes without altering their balance sheet structure.

SWIFT connects more than 11,500 financial institutions worldwide. The organization reports that 75 percent of its payments already reach beneficiaries within 10 minutes. Its current initiative aims to eliminate cut-off times and holiday delays by creating continuous availability, moving toward a 24-7 operating model.

To achieve this, SWIFT is building a blockchain-based orchestration layer. This infrastructure is designed to interoperate with central bank digital currencies, tokenized bank deposits and other regulated digital assets. The goal is to ensure that new digital forms of value can move across the same global rails used for conventional cross-border payments.

For market participants, including crypto users and operators that rely on banking partners, such interoperability could influence how fiat on-ramps, settlement times and liquidity management evolve in the coming years.

Tokenized Assets Remain Small Compared With Global Markets

Despite growing institutional involvement, on-chain financial assets remain modest in scale compared with global capital markets. According to figures cited during the panel, roughly $300 billion in stablecoins and about $40 billion in tokenized treasuries and other real-world assets are currently issued on blockchain networks.

Karkhanis characterized these amounts as small relative to more than $200 trillion in global wealth. The comparison underscores that tokenized finance, while expanding, still represents a limited share of overall financial assets.

For comparison platform users tracking crypto liquidity and collateral trends, these figures provide context on the depth of tokenized markets. Stablecoins continue to dominate on-chain representations of fiat value, while tokenized government securities and similar instruments form a smaller but developing segment.

Regulatory and Security Barriers Slow Institutional Scaling

Executives from Franklin Templeton, SWIFT and Ledger identified regulatory clarity and secure key management as primary constraints on wider adoption.

Verma emphasized the need for consistent standards covering accounting treatment, compliance requirements and balance sheet recognition. Without harmonized regulatory frameworks, large-scale institutional deployment remains limited.

Security and governance were also highlighted as critical issues. Jean-Francois Rochet of Ledger pointed to the challenges of managing private keys and implementing institutional controls. For traditional financial institutions, secure custody of cryptographic keys requires both technical infrastructure and organizational adaptation.

These factors influence how quickly banks and asset managers can transition from pilot programs to production-level systems. While tokenization is moving beyond experimental stages, the speakers described the current phase as early-stage infrastructure development rather than full-scale transformation.

Hybrid Financial Models Expected to Coexist

Although blockchain technology is often associated with disintermediation, the panel suggested that traditional intermediaries will continue to play a role. Karkhanis stated that decentralized access and conventional financial intermediaries can coexist within the same system.

Rochet added that while some intermediaries may become less central, those that remain will need to justify their function within a redesigned financial architecture. This reflects an emerging model in which regulated institutions, blockchain networks and digital asset service providers operate in parallel.

For users of crypto betting and online platforms, such hybrid structures may shape how fiat and digital assets interact. Tokenized deposits and on-chain funds could eventually influence settlement cycles, treasury management and cross-border transfers used by licensed operators and their banking partners.

Our Assessment

Statements from Franklin Templeton and SWIFT indicate that tokenized money market funds and digital bank deposits are moving from pilot projects toward early infrastructure deployment. The initiatives focus on continuous availability, cost reduction and interoperability with existing payment systems. At the same time, regulatory consistency, accounting standards and institutional-grade key management remain necessary conditions for broader adoption. Current on-chain asset volumes, including stablecoins and tokenized treasuries, remain small compared with global financial markets, highlighting that tokenization is expanding but not yet systemic in scale.

ARK Invest Buys $34 Million in Robinhood Shares as Bitcoin Drops Below $66,000 – Crypto Stocks and ETFs Face Renewed Outflows

Key Takeaways

ARK Invest Increases Exposure to Crypto-Linked Stocks During Market Weakness

ARK Invest, led by Cathie Wood, added significantly to its crypto-related equity positions on Wednesday as Bitcoin briefly dipped below $66,000. According to trade notifications, the firm bought 433,806 shares of Robinhood, valued at approximately $33.8 million.

In addition to Robinhood, ARK acquired 364,134 shares of crypto exchange Bullish, worth $11.6 million, and 75,559 shares of Circle, the issuer of the USDC stablecoin, valued at $4.4 million.

All three stocks were trading lower on the day of purchase. Robinhood shares declined nearly 9%, based on TradingView data. The purchases followed a broader period of volatility in digital asset markets and related equities.

ARK did not add to its Coinbase position. The firm had sold $17 million worth of Coinbase shares the previous week and refrained from new purchases during the latest round of buying.

Robinhood Becomes Largest Crypto Position in ARK Innovation ETF

Following the latest transaction, Robinhood stands as the largest crypto-linked holding in ARK’s flagship ARK Innovation ETF (ARKK). As of Feb. 11, the position accounted for approximately 4.1% of the fund’s portfolio, representing about $248 million.

The increased allocation comes shortly after Robinhood announced the official testnet launch of Robinhood Chain. The company described the project as a permissionless layer 2 blockchain designed for financial services and tokenized real-world assets.

Earlier in the week, Robinhood reported financial results for the fourth quarter of 2025. The company posted net revenue of nearly $1.28 billion, reflecting a 27% year-over-year increase. However, the figure fell short of Wall Street expectations of $1.34 billion. Following the earnings release, the stock declined about 8%.

The combination of earnings results, blockchain development announcements, and broader crypto market movements contributed to heightened volatility in Robinhood shares.

Bitcoin ETFs See $276 Million in Outflows as Prices Weaken

The broader weakness in crypto markets extended to US spot Bitcoin exchange-traded funds. After a three-day streak of inflows, Bitcoin ETFs recorded $276.3 million in net outflows on Wednesday, according to SoSoValue data.

These outflows nearly erased weekly gains. Net inflows for the week stood at $35.3 million following the latest withdrawals. Total assets under management across US spot Bitcoin ETFs declined to $85.7 billion, marking the lowest level since early November 2024.

Ether ETFs also experienced negative flows, with $129.2 million in daily outflows. XRP funds reported no inflows, while Solana ETFs posted modest net inflows of approximately $0.5 million.

At the time of publication, Bitcoin was trading at $67,227, up 0.4% over the previous 24 hours, according to CoinGecko data. The brief move below $66,000 occurred during a period of sustained volatility in crypto investment products.

Recent Outflow Trends in Crypto Investment Products

The latest ETF withdrawals follow three consecutive weeks of outflows from crypto investment products totaling more than $3 billion. Analysts had previously pointed to the possibility of an inflection point after a short period of renewed inflows, but the most recent data shows that momentum has not yet stabilized.

The renewed outflows reflect ongoing sensitivity in institutional and retail investment vehicles tied directly to Bitcoin and other digital assets. For users monitoring crypto exposure through regulated financial products, ETF flows serve as an indicator of capital movement and investor positioning.

The decline in ETF assets under management and the simultaneous drop in crypto-linked equities highlight how closely public market instruments remain tied to underlying digital asset prices.

Our Assessment

ARK Invest increased its exposure to Robinhood, Bullish, and Circle as Bitcoin briefly traded below $66,000 and crypto-linked stocks declined. Robinhood now represents the largest crypto-related position in ARK Innovation ETF. At the same time, US spot Bitcoin ETFs recorded significant net outflows of $276.3 million, reducing weekly gains and bringing total assets under management to their lowest level since November 2024. The data shows concurrent weakness across digital assets, exchange-traded funds, and publicly traded crypto companies.

Crypto Prices Show Mixed Performance on February 12 – Major Tokens Post Modest Daily Changes

Key Takeaways

Bitcoin and Ethereum Record Moderate Gains

Bitcoin is priced at $67,054.00, reflecting a daily increase of 0.43 percent. The move places the largest cryptocurrency by market price in positive territory, though with limited volatility compared to some alternative tokens listed.

Ethereum trades at $1,971.31, up 1.20 percent. The second-largest digital asset by price shows a stronger daily percentage gain than Bitcoin, but remains below the psychological $2,000 level.

Other major assets also post gains. XRP stands at $1.38, up 1.63 percent. BNB records one of the stronger advances among large-cap tokens, rising 2.71 percent to $615.12. Solana, by contrast, shows a decline of 0.59 percent to $80.49.

Dogecoin increases 2.42 percent to $0.092507, while Cardano rises 2.23 percent to $0.260849. Tron posts a 1.61 percent gain to $0.278868.

Stablecoins Remain Close to Peg

Major stablecoins continue to trade near the one-dollar mark. USDC is priced at $0.999888, while USDT-related instruments such as USDD trade at $0.999452. TUSD stands at $0.997967.

Other dollar-pegged tokens including PYUSD at $0.999897 and FDUSD at $0.998601 also remain close to parity. Slight deviations of a few basis points are visible across multiple stablecoins, but no significant breaks from the one-dollar reference point appear in the data provided.

Gold-backed digital assets show limited movement. PAXG trades at $5,064.78, up 0.11 percent, while XAUT stands at $5,028.00 with a marginal 0.01 percent decline.

Notable Double-Digit Movers Among Altcoins

Several smaller-cap tokens register pronounced percentage swings.

STRK increases 66.46 percent to $0.0478124. ZK posts a 97.34 percent gain to $0.0225706. AMP rises 23.05 percent to $0.00152922. BEAM advances 96.05 percent to $0.00242509.

Other significant gainers include ICNT, up 77.78 percent to $0.482267, and 0G, which climbs 56.35 percent to $0.810921. JASMY records a 14.75 percent increase to $0.00611457. ENS trades 5.06 percent higher at $5.75.

On the downside, MYX declines 32.22 percent to $3.31. RIVER falls 6.87 percent to $17.59, and DCR drops 5.09 percent to $21.64. ZRO shows an 8.63 percent decrease to $2.12.

These moves indicate elevated volatility among lower-priced and mid-cap tokens compared to large-cap cryptocurrencies.

Layer 1 and DeFi Tokens Show Varied Performance

Layer 1 assets present mixed results. Avalanche gains 2.92 percent to $8.81. Polkadot rises 3.53 percent to $1.29. Near Protocol increases 2.40 percent to $0.981623.

Cosmos posts a 5.08 percent advance to $1.98. Algorand is up 1.97 percent at $0.0911071. Hedera records a 4.64 percent gain to $0.0924624.

In decentralized finance, AAVE climbs 3.77 percent to $109.62. UNI increases 4.90 percent to $3.41. CRV rises 5.40 percent to $0.239455. COMP trades 0.74 percent higher at $15.96.

Liquid staking and related tokens also show upward movement. LDO gains 13.86 percent to $0.339231. ETHFI advances 7.99 percent to $0.460945.

Exchange and Utility Tokens Reflect Broad Uptrend

Exchange-related tokens display generally positive daily changes. OKB trades at $74.84, up 2.63 percent. BGB rises 1.82 percent to $2.35. GT posts a 1.84 percent gain to $7.01.

KCS records a marginal increase of 0.23 percent to $8.04. HTX trades 1.54 percent higher at $0.00000169.

Other utility-focused tokens also post gains. GRT rises 34.65 percent to $0.0268961. ARB increases 4.18 percent to $0.111505. OP climbs 13.55 percent to $0.183161.

These movements suggest broad participation across different token categories, though with varying magnitudes.

Our Assessment

The price data for February 12 shows moderate gains among major cryptocurrencies such as Bitcoin and Ethereum, while several large-cap altcoins post single-digit percentage increases. Stablecoins remain close to their dollar pegs. Smaller-cap tokens exhibit significantly higher volatility, with multiple assets recording double-digit gains and some notable declines. The overall snapshot reflects mixed but predominantly positive daily performance across a wide range of digital assets.

Robinhood Opens Testnet for Arbitrum-Based Ethereum Layer 2 – Crypto Head Argues Public Blockchains Meet Institutional Needs

Key Takeaways

Robinhood Opens Testnet for Arbitrum-Based Ethereum Layer 2

Robinhood is opening the testnet for its Arbitrum-based Ethereum Layer 2, marking a new step in the company’s blockchain development strategy. The move was discussed by Johann Kerbrat, the company’s Head of Crypto, in a podcast interview published by The Defiant on February 11, 2026.

According to the interview, the Layer 2 network is built on Arbitrum and designed to operate within the Ethereum ecosystem. By launching a testnet, Robinhood is making a pre-release version of the network available for testing before broader deployment. Testnets are commonly used in blockchain development to evaluate functionality, stability, and performance under real-world conditions without affecting live assets.

The announcement signals that Robinhood is pursuing its blockchain infrastructure strategy within the public Ethereum environment rather than developing a closed or proprietary system.

Strategic Choice: Building on Ethereum Instead of Private Chains

During the interview, Kerbrat explained the reasoning behind building on Ethereum and public blockchain infrastructure rather than opting for private chains. He stated that institutions can obtain the privacy and compliance guarantees they require on public chains such as Ethereum.

Kerbrat rejected the idea that private blockchains are necessary for institutional participation. In his view, building on private chains does not make sense because they function as little more than a “fancy database.” This characterization underscores Robinhood’s position that the core advantages of blockchain technology are best realized on public networks.

By emphasizing Ethereum as the foundation for its Layer 2 initiative, Robinhood aligns its development efforts with a widely used public blockchain rather than creating a segregated environment for selected participants.

Institutional Privacy and Compliance on Public Blockchains

A central theme of Kerbrat’s remarks was the compatibility between public blockchains and institutional requirements. He stated that privacy and compliance guarantees can be achieved within public blockchain systems.

This position addresses a longstanding debate in the digital asset sector over whether financial institutions require private or permissioned networks to meet regulatory and operational standards. According to Kerbrat, public chains such as Ethereum are capable of supporting these needs without sacrificing the transparency and openness that define them.

The argument implies that public blockchain infrastructure can serve both retail and institutional users simultaneously. Rather than separating use cases into different technological environments, Robinhood’s approach appears to rely on shared infrastructure.

Implications for Public Blockchain Adoption

Robinhood’s decision to open a testnet for an Arbitrum-based Ethereum Layer 2 reflects a commitment to public blockchain ecosystems. By choosing this route, the company positions its crypto infrastructure within an open network rather than behind closed systems.

Kerbrat’s comments suggest that the company sees long-term advantages in public blockchain architecture. His statement that private chains resemble a database indicates that Robinhood does not view them as offering the same structural benefits as public networks.

For market participants, the development highlights how major fintech firms are approaching blockchain integration. Instead of building isolated systems, Robinhood is testing infrastructure that connects directly to Ethereum through a Layer 2 framework.

Context of the Announcement

The discussion took place in an episode of The Defiant podcast hosted by Camila Russo. The interview focused on Robinhood’s strategic move to build on Ethereum and the broader reasoning behind the company’s blockchain choices.

While the company has not detailed specific timelines or technical parameters in the provided material, the opening of a testnet indicates an active development phase. Testnets typically allow developers and users to experiment with network functionality prior to any full production release.

The article accompanying the interview notes that The Defiant stores its articles on Filecoin, underscoring the broader context in which decentralized storage and blockchain infrastructure continue to intersect with media and fintech initiatives.

Our Assessment

Robinhood has opened the testnet for its Arbitrum-based Ethereum Layer 2 and publicly outlined its rationale for building on a public blockchain. According to Johann Kerbrat, institutions can achieve privacy and compliance guarantees on Ethereum, removing the need for private chains. He described private blockchains as a “fancy database,” reinforcing the company’s preference for public infrastructure. The development reflects a clear strategic choice to integrate within the Ethereum ecosystem rather than deploy a separate, closed network.

Ethereum Drops Below $2,000 as Accumulation Addresses Absorb $2.6 Billion in ETH

Key Takeaways

Ether Falls Below $2,000 as Majority of Addresses Turn Unprofitable

Ether is trading below the $2,000 mark after declining 38% over the past month. At around $1,954, the cryptocurrency stands 60.5% below its all-time high of $4,950. The recent move lower has pushed a majority of Ethereum holders into unrealized losses.

Data shows that only 41.5% of Ethereum addresses are currently in profit, while more than 58% are holding at a loss. The drop has also placed the market price below several widely watched reference points, including the average entry price of accumulation addresses and the estimated cost basis of spot Ethereum ETF investors.

The average realized price for accumulation addresses is approximately $2,580. With ETH trading below that level, long-term holders categorized under these addresses are also under pressure. Similarly, the estimated average cost basis for spot Ethereum ETF investors stands near $3,500, placing those positions significantly underwater at current market levels.

One example of exposure to the downturn is BitMine, described as the world’s largest Ethereum treasury linked to investor Tom Lee. The company’s paper losses have reportedly grown to more than $8 billion as prices declined.

Accumulation Addresses Receive 1.3 Million ETH in Five Days

Despite the price weakness, blockchain data indicates increased inflows into so-called accumulation addresses. These wallets continuously receive ETH and do not make outgoing transactions. They are typically associated with long-term holders, institutional entities, or investors pursuing a buy-and-hold strategy rather than active trading.

Over a five-day period, accumulation addresses absorbed 1.3 million ETH, valued at approximately $2.6 billion at current prices. According to CryptoQuant analyst CW8900, this phase of “full-scale accumulation” began in June 2025 and has recently intensified.

The total ETH balance held by these accumulation addresses has now reached a record 27 million. That represents a 20.36% increase so far in 2026, even as Ether’s price has declined 34.5% during the same period.

Historical data referenced in the report shows that large spikes in inflows to accumulation addresses have previously preceded price rebounds. On June 22, 2025, these addresses recorded a then all-time high daily inflow of more than 380,000 ETH. Nearly 30 days later, Ether’s price had risen by almost 85%. A similar inflow spike in November 2025 was followed by a 25% rally.

ETF Investors Face Deeper Drawdowns Than Bitcoin Counterparts

The recent decline has also affected investors who gained exposure through exchange-traded funds. With ETH trading below $2,000, the market price is well under the estimated average ETF entry point of around $3,500.

According to Bloomberg senior ETF analyst James Seyffart, Ethereum ETF holders are currently in a weaker position compared to Bitcoin ETF investors. The data suggests that ETF exposure has not insulated investors from the broader downturn in Ether’s price.

The market price falling below both accumulation address cost bases and ETF averages highlights the scale of the recent correction. It also underscores the gap between current valuations and the levels at which significant volumes of ETH were previously acquired.

Technical Levels to Watch Below the $2,000 Threshold

With Ether trading under the $2,000 psychological level, analysts are focusing on additional support zones. One identified range lies between $1,800 and $1,850. If the market does not reclaim $2,000, further downside levels cited include $1,500.

On a broader timeframe, some chart-based assessments point to the possibility of a retest of the $750 to $1,000 range, based on historical monthly price action.

Onchain data from Glassnode’s UTXO realized price distribution provides additional insight into where large clusters of previous buying activity occurred. Below $2,000, key levels are identified at $1,880, $1,580, and $1,230. These price bands represent areas where significant amounts of ETH last changed hands and may act as areas of interest for market participants.

Previous reporting also referenced potential downside targets of $1,750 and $1,530 after Ether failed to hold above $2,100.

Our Assessment

Ether’s decline below $2,000 has left the majority of addresses in unrealized losses and placed the market price beneath the average entry levels of both accumulation addresses and ETF investors. At the same time, onchain data shows sustained and increasing inflows into long-term holding wallets, pushing their combined balance to a record 27 million ETH. The coexistence of falling prices and rising accumulation highlights a divergence between short-term market performance and long-term positioning among certain holder groups.

Zcash, BNB and Sui Post Steepest Declines as Broad Crypto Market Moves Lower

Key Takeaways

Altcoins Record Sharper Losses Than Bitcoin

The crypto market moved lower on February 11, 2026, with several altcoins posting steeper percentage declines than Bitcoin. Zcash (ZEC) recorded a drop of 7.58%, trading at $224.26. Among widely tracked assets, this marked one of the most pronounced daily losses.

BNB, the native token of the BNB Chain ecosystem, fell 6.26% to $587.81. Sui (SUI) declined 6.02% to $0.884758. Other notable altcoins also moved lower, including Avalanche (AVAX), down 3.53% to $8.51, Cardano (ADA), down 4.14% to $0.252636, and Polkadot (DOT), down 3.24% to $1.23.

Privacy-focused Monero (XMR) was one of the few larger assets trading in positive territory, rising 2.59% to $343.73. However, gains among major tokens were limited compared to the number of assets in decline.

Bitcoin and Ethereum Extend Broader Market Slide

Bitcoin traded at $66,495.00, reflecting a 3.60% decrease. Ethereum followed a similar pattern, falling 3.85% to $1,936.93. The declines in the two largest cryptocurrencies by market capitalization set the tone for the broader market session.

Other large-cap assets mirrored this downward movement. XRP dropped 3.96% to $1.36. Solana (SOL) traded at $80.53, down 4.36%. Dogecoin (DOGE) declined 3.98% to $0.089517. Chainlink (LINK) fell 3.88% to $8.21.

The synchronized pullback across leading assets indicates a broad-based market move rather than isolated token-specific volatility. Percentage losses across the top tier of digital assets clustered largely between 3% and 5%, with selected altcoins exceeding that range.

Mid-Cap and Smaller Tokens Show Mixed Volatility

Beyond the largest cryptocurrencies, price movements were mixed but predominantly negative. Tokens such as NEAR Protocol (NEAR) fell 5.12% to $0.945775, while Internet Computer (ICP) declined 3.16% to $2.29. Cosmos (ATOM) traded at $1.88, down 1.25%.

Some assets recorded sharper individual swings. BGB fell 9.76% to $2.29. Sky (SKY) declined 8.37% to $0.063584. TAO dropped 7.23% to $145.23. CRV fell 7.60% to $0.226451. Arweave (AR) posted a 7.61% decrease to $1.73.

At the same time, select tokens registered gains. ZRO rose 18.77% to $2.31, while BERA increased 18.84% to $0.551642. MON climbed 10.35% to $0.018384351. These upward moves stood out against a generally negative market backdrop.

The dispersion of returns across smaller assets highlights that while the overall direction was downward, volatility remained elevated in specific tokens.

Stablecoins Maintain Peg Amid Market Weakness

In contrast to the broader market decline, major stablecoins remained close to their intended $1 valuation. USDC traded at $0.999895, showing no meaningful percentage change. USDTB stood at $1.00 with a 0.18% move. TUSD traded at $0.998458, up 0.08%.

Other dollar-pegged tokens such as USDS at $0.999832 and GUSD at $0.999288 also remained near parity. These limited fluctuations reflect relative price stability compared to the multi-percentage-point swings observed in non-pegged cryptocurrencies.

Gold-backed tokens moved in a different direction. PAXG traded at $5,098.49, up 0.92%, while XAUT rose 0.87% to $5,070.61. Their price movements contrasted with the broader crypto market trend during the session.

Our Assessment

On February 11, 2026, the crypto market recorded widespread declines across large-cap and mid-cap assets. Zcash, BNB and Sui led notable altcoin losses, each falling more than 6%, while Bitcoin and Ethereum declined by roughly 3% to 4%. Most major tokens traded lower, with limited exceptions such as Monero. Stablecoins largely maintained their dollar pegs, and selected tokens posted isolated double-digit gains despite the overall market slide.

Goldman Sachs Reports $1.1 Billion in BlackRock Bitcoin ETF – Institutional Crypto Exposure Reaches $2.36 Billion

Key Takeaways

Goldman Sachs Expands Bitcoin ETF Holdings

Goldman Sachs has reported roughly $2.36 billion in overall exposure to crypto assets, according to financial holding disclosures. The largest portion of that exposure is tied to Bitcoin exchange-traded funds.

The filings show that the bank holds about $1.1 billion in BlackRock’s iShares Bitcoin Trust (IBIT). This makes IBIT the single largest digital asset-related position in Goldman Sachs’ disclosed crypto portfolio.

In addition, the bank reported holding approximately $35.8 million in Fidelity’s Wise Origin Bitcoin Fund. Beyond these ETF positions, the disclosures list smaller investments of around $92,000 in American Bitcoin and approximately $57,000 in Bitcoin Depot, along with stakes in other bitcoin mining or cloud-based companies.

The filings also indicate that Goldman Sachs holds hundreds of thousands of dollars in IBIT call and put options, pointing to additional exposure through derivatives linked to the Bitcoin ETF.

Shift From Early Caution to Measurable Exposure

Goldman Sachs’ current crypto positions contrast with its earlier public stance on digital assets. For years, senior executives at the bank were cautious about recognizing Bitcoin as an investable asset class.

The bank’s involvement in Bitcoin began more than five years ago with limited steps into the market. In 2022, Goldman Sachs executed its first known BTC-backed loan and carried out a non-deliverable Bitcoin options trade. These transactions marked initial operational engagement with digital assets.

A more visible shift occurred in 2024, when Securities and Exchange Commission filings revealed that the bank had accumulated meaningful positions in Bitcoin ETFs, including BlackRock’s IBIT and Fidelity’s Wise Origin Bitcoin Fund. Institutional disclosures from that period showed that Goldman Sachs tripled its Bitcoin ETF stake within months, bringing holdings to roughly $1.5 billion at the time and placing it among the larger institutional holders of Bitcoin ETFs.

The latest disclosure indicates that exposure has continued at scale, with the total crypto-related position now standing at approximately $2.36 billion.

Exposure Extends Beyond Bitcoin

While Bitcoin ETFs account for the largest share of Goldman Sachs’ crypto portfolio, the filings also show exposure to other digital assets.

According to the same disclosures, the bank holds positions related to Ethereum, XRP, and Solana. The exact amounts for these assets were not specified in the available information, but their inclusion indicates a broader digital asset allocation beyond Bitcoin alone.

For market participants, the composition of such portfolios can serve as an indicator of how major financial institutions structure their exposure to digital assets – whether through direct holdings, ETFs, equity stakes in related companies, or derivatives.

Bitcoin Price Volatility Frames Institutional Activity

The disclosure comes at a time of heightened volatility in the Bitcoin market. Bitcoin recently struggled to maintain levels above $70,000, a price widely viewed by traders as a psychological threshold.

Last week, the asset experienced a sharp selloff, falling below both the $70,000 and $60,000 ranges before finding support near $60,000. After reaching that level, the price rebounded to around $71,700 and closed the week near $70,315.

Despite the rebound, broader market sentiment has remained cautious following the decline. Key resistance levels have shifted following the recent price movement. The first resistance area is around $71,800, where the price faced rejection. Additional resistance levels are identified near $74,500, $79,000, and $84,000.

On the downside, price levels around $65,650 and $63,000 are seen as important for maintaining a potential recovery attempt. The $60,000 level now represents critical support, positioned just above the 0.618 retracement level near $57,800.

For institutional investors such as Goldman Sachs, ETF-based exposure allows participation in Bitcoin price movements without direct custody of the underlying asset. Disclosures of this size therefore attract attention from market observers tracking institutional engagement with digital assets.

Our Assessment

Goldman Sachs’ latest filings show a total crypto exposure of approximately $2.36 billion, with $1.1 billion allocated to BlackRock’s iShares Bitcoin Trust and additional holdings in Fidelity’s Wise Origin Bitcoin Fund and other crypto-related companies. The disclosures confirm continued large-scale institutional participation in Bitcoin ETFs at a time when the asset is experiencing significant price volatility. For readers monitoring the role of traditional financial institutions in digital asset markets, the figures provide concrete data on the scale and structure of one major bank’s crypto exposure.

Key Takeaways

Ledger, the French digital asset security company known for its hardware wallets, has added decentralized exchange functionality to its Wallet app through an integration with OKX DEX. The update allows users to swap tokens directly within the Ledger ecosystem while keeping private keys secured on their physical devices.

The development reflects ongoing efforts by wallet providers to embed decentralized finance tools into self-custodial products, reducing the need for users to interact with multiple third-party platforms. For users managing crypto assets independently, the integration changes how token swaps can be executed without leaving the wallet environment.

How the OKX DEX Integration Works Inside Ledger Wallet

According to information provided by Ledger, the integration gives Wallet app users access to OKX DEX liquidity aggregation directly from the application interface. OKX DEX operates as a decentralized exchange aggregator, routing trades across multiple onchain liquidity sources rather than relying on a single exchange.

The routing process uses OKX DEX’s proprietary X-Routing technology. This system aggregates liquidity from hundreds of decentralized exchanges and determines execution paths for token swaps. Ledger stated that this process occurs without users needing to open external decentralized exchange websites or applications.

All transactions are signed on the Ledger hardware device itself. Private keys do not leave the device at any stage of the process. This design maintains Ledger’s core security model while adding decentralized trading functionality.

Supported Networks and Current Swap Limitations

At launch, the integration supports token swaps on six blockchain networks: Ethereum, Arbitrum, Optimism, Base, Polygon, and BNB Chain. These networks are accessible within the Ledger Wallet app for supported users.

Ledger clarified that cross-chain swaps are not available at this stage. Users can only swap tokens within the same supported network. In addition, cross-seed swaps are not enabled. These limitations define the current scope of the feature and set boundaries on how assets can be exchanged through the integrated DEX.

OKX DEX, as described by Ledger, operates separately from OKX’s centralized exchange. The DEX aggregator is part of the broader OKX ecosystem but routes trades exclusively through onchain liquidity venues.

Rollout Schedule and User Availability

The OKX DEX integration is being rolled out gradually. A Ledger spokesperson told Cointelegraph that approximately 20% of Ledger Wallet users are gaining access starting today. The company did not specify criteria for user selection during the initial phase.

No firmware update or application update is required to use the new functionality. This indicates that the feature is being enabled server-side or through existing Wallet app infrastructure. Ledger has not provided a timeline for when the remaining user base will receive access.

Context Around Ledger’s Broader Business Developments

The integration comes amid reports that Ledger is exploring a potential initial public offering in the United States. In January, multiple reports indicated that the company was in early discussions with investment banks including Goldman Sachs, Jefferies, and Barclays, with a possible valuation exceeding $4 billion.

Ledger has not confirmed these reports. However, the discussions were reported as part of a broader trend involving crypto-related companies considering public listings. Other firms referenced in recent coverage include tokenization platform Securitize, digital asset custodian Copper, and U.S.-based crypto exchange Kraken.

While these developments are separate from the OKX DEX integration, they provide context for Ledger’s position within the digital asset industry as it expands its product offerings and explores strategic options.

Relevance for Users Managing Crypto Assets Independently

For users who rely on hardware wallets for asset security, the integration alters how decentralized token swaps can be performed. Instead of moving assets to browser-based wallets or connecting to third-party DEX interfaces, swaps can now be initiated from within the Ledger Wallet app itself.

The feature is designed to preserve self-custody while providing access to aggregated onchain liquidity. This may affect how users compare wallet functionality, especially when evaluating tools that combine asset storage and decentralized trading features in a single interface.

Our Assessment

Based on the available information, the integration of OKX DEX into the Ledger Wallet app represents an expansion of on-device functionality while maintaining hardware-based custody. The rollout introduces multichain token swap access across six networks, with clear limitations around cross-chain functionality. The development aligns with Ledger’s stated security model and occurs alongside reported discussions about potential public market activity, though those reports remain unconfirmed by the company.