Treasury Secretary Scott Bessent said the US will not purchase Bitcoin for its Strategic Bitcoin Reserve, instead relying on $15-$20 billion in seized assets, but later left the door open to "budget-neutral" acquisitions. The reserve, created by President Trump in March, will be built from forfeited Bitcoin that can no longer be sold, removing a potential $10B supply overhang from the market. While fresh sovereign buying could have signaled strong institutional support, the plan remains largely symbolic until new funding mechanisms emerge.

The US stock rally stalled after the producer price index showed a 0.9% increase in July, the largest in more than three years, raising concerns about the Federal Reserve's interest rate policy. Major indexes finished near the flatline, with the S&P 500 eking out a small gain, while the Nasdaq and Dow Jones Industrial Average dipped.

Goldman Sachs is offering investors a chance to purchase a stake in Millennium Management for as little as $1 million as part of a broader effort by Millennium to sell a 10% to 15% equity stake at a $14 billion valuation. The initiative, managed through Goldman's Petershill unit, aims to raise up to $2 billion, targeting high-net-worth individuals and institutions.

Digital asset treasuries have emerged as a major force in the crypto industry, with companies raising billions to accumulate tokens ranging from Bitcoin to altcoins like TON, BNB, TRX, and SUI. While proponents argue that DATs increase token adoption and ecosystem visibility, critics highlight the ethical concerns and potential for self-dealing, as many structures grant privileged access to major holders and insiders.

Hedge funds including Bridgewater Associates, Tiger Global Management and Discovery Capital have significantly increased their investments in major technology companies in the second quarter, driven by the growth of artificial intelligence. Bridgewater has more than doubled its investments in Nvidia and significantly increased holdings in Alphabet and Microsoft, while Tiger Global has added about 4 million shares of Amazon.

Private lenders, including Apollo Global Management and Blackstone, are reportedly exploring opportunities in a burgeoning debt market that uses football transfer fees as collateral. European football clubs have spent more than $5 billion on player transfers this summer, attracting significant interest from major private lenders.

MMSB Murmurs Private credit’s latest play is turning football transfer fees into collateral, and with Apollo and Blackstone circling, the sums are now Champions League-level.

In a sport where installments stretch for years, Wall Street’s ready to cash clubs out up front. For a price, of course. --Matt

ETF issuers are taking a page from private wealth playbooks, rolling out strategies that sidestep taxes on bond coupon payments by selling holdings just before their ex-dividend dates. The approach -- available only to high-net-worth clients -- converts taxable interest into unrealized capital gains, boosting after-tax returns. While ETFs have long used in-kind redemptions to avoid capital gains taxes, this pre-dividend rotation tactic now extends that advantage to fixed income, and could spread to other asset classes as issuers cater to investors seeking "frictionless" total returns.

A new tiny whale species was discovered off the coast of Australia recently, which you might have seen in yesterday’s MMSB. It got me thinking about other fossil discoveries of recent times. 

Researchers in Ethiopia recently discovered a new human ancestor. They found teeth dated between 2.8 million to 2.6 million years ago,which show they lived alongside early members of the human genus. 

In Tanzania and Zambia, a team discovered fossils dating back to the Permian period, which is around 299 million years ago. They give great insight into the world that was here before dinosaurs were. I can’t even fathom how long ago that was, to be honest. 

And in Illinois, scientists found three ancient environments – each with their own animal life. 

It’s fascinating to think about what may have been here before us, and what there might be left to find. Have any fossil discoveries caught your eye recently? Let me know, my email is linked below. And have a great weekend. 

Nic 

nicole.garciamerida@futurenet.com