Appold Market Watch - Week ending 10 April 2026

Market Update & Industry News - Week ending 10 April 2026

🔷 Morgan Stanley has launched its MSTB fund, becoming the first major U.S. commercial bank to debut a spot Bitcoin ETF. MSBT saw inflows of approximately $30.6 million on its first trading day, and with an expense ratio of 0.14%, the fund charges the lowest fee among Bitcoin ETFs, undercutting market leader BlackRock's IBIT Bitcoin ETF by 11 basis points.

Appold View: While BlackRock has dominated the Spot Bitcoin ETF market thus far, Morgan Stanley brings a new combination of brand, distribution and aggressive pricing that could put considerable pressure on the market leader.  Let's see.

🔷 The U.S. Treasury’s Office of Cybersecurity and Critical Infrastructure Protection will start sharing timely, actionable cybersecurity information with digital asset firms that sign up for the free service, previously available only to traditional financial institutions.

Appold View: State-sponsored hacking is a major disruptive force within the digital asset ecosystem, with billions of dollars stolen each year. This is a welcome step to promote a more secure and responsible digital asset ecosystem, while also helping narrow the resilience gap with traditional finance.

🔷 The largest corporate holder of Bitcoin, Strategy (MSTR), added 4,871 BTC to its treasury, bringing its total holdings to 766,970 BTC. The new purchase cost approximately $329.9 million and was funded through sales of the company's common stock and STRC preferred stock.

Appold View: The latest purchase further underlines the focus as a listed Bitcoin treasury. While the model has so far relied on continued access to equity and preferred capital to fund additional BTC accumulation, the weaker share price environment and sizeable stack of long-dated convertible debt leave the structure increasingly dependent on Bitcoin price strength and an ongoing investor appetite.

🔷 Japan - The Government of Japan has approved draft legislation to bring digital assets within its financial services regulatory perimeter by classifying them as financial products. While Japan has previously treated digital assets mainly as a payment tool, the move will extend regulatory oversight beyond the current approach, which focuses on custody, anti-money laundering checks, and exchange registration.

Appold View: This is another sign that major jurisdictions are moving from basic registration and AML oversight towards fuller integration of digital assets into financial regulatory frameworks. Interestingly, like the UK, Japan plans to incorporate digital assets into existing regimes rather than creating a standalone framework like the EU’s MiCA.

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