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BlackRock Expands Tokenized Fund BUIDL to Aptos, Arbitrum, Avalanche, Optimism, and Polygon
BlackRock's BUIDL fund, tokenized by Securitize, is expanding from Ethereum to Aptos, Arbitrum, Avalanche, Optimism, and Polygon blockchains. Currently the largest tokenized government securities fund with $517 million in assets under management (around 22% of the market), BUIDL’s multi-chain availability will allow broader access for digital asset investors, DAOs, and developers across these ecosystems. Securitize emphasized that the expansion enhances BUIDL’s on-chain yield, dividend accrual, and peer-to-peer transfer capabilities. BNY Mellon will continue its role as fund administrator and custodian for all networks.
Italy Weighs Crypto Tax Increase to 28%, Down from Proposed 42%
Italy's government is expected to opt for a milder crypto tax hike to 28% instead of the previously proposed 42%, Bloomberg reports. Originally, Vice Economy Minister Maurizio Leo suggested a 42% tax rate on crypto gains, but the governing coalition appears to favor a lower increase. This new proposal, backed by The League, would also create a working group of crypto firms and consumer associations to educate investors on digital assets. Another coalition party, Forza Italia, has proposed scrapping the tax hike entirely and removing the exemption on gains below €2,000. The final tax rate will be reviewed and approved by Italian lawmakers.
Trump Taps Musk and Ramaswamy to Lead New ‘DOGE’ Efficiency Dept. Amid Dogecoin Market Cap Surge
President-elect Donald Trump announced Tesla CEO Elon Musk and Strive Enterprises co-founder Vivek Ramaswamy will co-lead the newly established Department of Government Efficiency, or "DOGE," with a mission to streamline federal bureaucracy and cut regulatory excess. This unconventional appointment comes as Dogecoin’s market cap surged to $60 billion, gaining momentum alongside Musk’s continued support for the meme-inspired cryptocurrency. The DOGE department will adopt an "entrepreneurial approach" to reform, working closely with the White House and Office of Management and Budget. While Trump’s appointment has sparked enthusiasm among supporters, some critics, including Senator Elizabeth Warren, expressed skepticism over the department's dual leadership.
Trading Desk Insights
BTC took us on a wild ride, briefly touching $90,100 yesterday before dipping down to $86,300 earlier today. The alts got hit even harder, especially those meme coins. BTC didn't just bounce back—it smashed through to a new all-time high of $92,000. It has now edged past Saudi Aramco, landing as the 7th largest asset worldwide. The order books are heating up with action too—looks like offers are lining up between $93,000 and $95,000.
On the broader market front, risk assets ticked up a bit on Wednesday. Everyone’s keeping their eyes peeled for a post-election rally to keep rolling after the inflation report came in just as predicted. We saw a 0.2% jump in October and a year-on-year rise of 2.6%, right on the nose with forecasts.
BTC’s chart is looking bullish, gunning for that magical $100,000 mark. But don’t forget, the U.S. dollar's still flexing strong, which could mean tighter financial conditions that might slow our ascent a bit.
In the political arena, President-elect Trump has named Elon Musk and former GOP candidate Vivek Ramaswamy to head the Department of Government Efficiency, or DOGE. The market was expecting this to happen which explains why the memecoin DOGE has been one of the biggest winners in the postelection rally, up 150% since the votes rolled in, leaving BTC’s 30% gain eating dust.
Crypto Charts
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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