BlackRock's Bitcoin ETF Breaks Records

CRYPTO
BlackRock's Bitcoin ETF Breaks Records

BlackRock’s iShares Bitcoin Trust (IBIT) has rapidly become the top Bitcoin exchange-traded fund (ETF), reaching $70 billion in assets faster than any ETF in history—just 341 days after launch. That’s five times quicker than the previous record set by the gold-backed GLD ETF. Among 12 Bitcoin ETFs, IBIT leads by a wide margin, followed by Fidelity’s FBTC and Grayscale’s GBTC, each managing around $20 billion.

ETFs like IBIT offer investors exposure to Bitcoin’s price movements while trading like stocks and typically charge lower fees than mutual funds. Since gaining SEC approval in early 2024, Bitcoin ETFs have seen strong demand, with IBIT collecting over $1 billion in its first four days. It surpassed BlackRock’s own gold fund by November and reached $50 billion by December, setting multiple records. As Bitcoin hit an all-time high in May, combined assets in all Bitcoin ETFs soared past $134 billion, reflecting their growing influence.

TECH
Meta Bets Big on Superintelligence

Meta continues to hold its position among the top U.S. tech giants despite past missteps like its costly metaverse pivot and struggles to stay competitive in the AI race. In its latest move, Meta is reportedly investing $15 billion in Scale AI and recruiting its 28-year-old founder, Alexandr Wang, to lead a new “superintelligence” lab—aimed at developing AI that surpasses human intelligence. While it remains uncertain whether this effort will close the gap with leaders like OpenAI and Google, Meta shares still rose 1.2%, bringing the month’s gain to nearly 10%.

Meanwhile, Tesla saw a slight bump Tuesday but remains down 5.55% over the past week. The company plans to launch its robotaxi service in Austin later this month.

Circle, the stablecoin giant, held steady near $105 after a strong IPO last week. Despite an 8.31% dip Tuesday, it still boasts the biggest post-IPO surge for any $500M+ offering since 1980. Gemini also filed for IPO.

TECH
Self-Driving Teslas Hit Austin Streets

Tesla plans to begin public testing of its long-awaited robotaxi service on June 22, starting in Austin, Texas. CEO Elon Musk announced the tentative date on X, noting that the rollout could shift due to Tesla’s intense focus on safety. Musk has tied the company’s future to autonomous vehicles, even deprioritizing plans for a lower-cost EV. But self-driving technology faces major regulatory and technical hurdles, and many remain skeptical.

The initial launch will involve 10–20 Model Y SUVs operating under remote human supervision in a limited area. A broader U.S. rollout is expected later, including in states like California where AV regulations are stricter.

Starting June 28, Musk claims Tesla cars will be able to drive themselves from the factory to customers' homes. Videos shared by Musk show test vehicles using Tesla’s updated Full Self-Driving (FSD) software in action.

With EV sales slowing and political backlash mounting, this robotaxi launch could be pivotal for Tesla’s next chapter.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.