Global Macro, BTC Institutional Adoption, Anthropic IPO | BMTV Sep. 30, 2026

Grace Remington (0:06)

Good morning, happy Wednesday, and welcome into BMTV. I'm Grace Remington with Sean Hagan. Well, it is the last trading day of Q3, and Sean, it is shaping up to be a big one.

Sean Hagan (0:15)

Yeah, it absolutely is. I'm excited to get into Q4. Q3 has been great for Bitcoin. This is a record-setting Q3 for Bitcoin, just based by dollars. Obviously, it's been green, and excited to see if that momentum can continue.

Grace Remington (0:29)

Yeah, we're breaking it all down for you, along with some really great guests today. Misha Komarov, the co-founder of ALEC INIT, is discussing innovations in Bitcoin privacy with us. We're also joined by Vik Sharma, the co-founder and CEO of Cake Wallet. Chase Larson, the Executive Vice President of St. Cloud Credit Union, doing some really cool things there. Nicola White, the VP of Institutional Crypto at Robinhood, here to talk about the latest products they're rolling out. And Mark Moss, the founder and CEO of Market Disruptors, all joining us on today's show. But let's begin with the day's headlines. The SEC is set to propose new rules today that could expand retail investors' access to private assets like private equity, private credit, real estate and venture capital, according to Reuters. The proposals could also broaden the definition of accredited investors, but critics warn that greater access could also expose everyday investors to more risk. The US dollar is on track for its biggest monthly gain against the euro in 14 months, with stronger US growth and rising interest rate expectations supporting the greenback. The dollar has climbed nearly 2.3% against the euro this month, while investors now turn their attention to upcoming US jobs and inflation data for the next signal on where the dollar goes from here. Frontier AI lab Anthropic is targeting a $2 trillion valuation for its November IPO, despite posting a $42 billion net loss last year. Leaked documents show revenue surged 12-fold in 2025, yet nearly a quarter came from just two customers. Investors must now weigh this rapid growth against $518 billion in future compute commitments, along with disclosures warning this technology could pose existential risks to humanity. Illinois has published draft rules to implement a new 0.2% tax on certain digital asset business activity and is now seeking public comment. The tax is set to begin January 1st, 2027, with the draft rules specifying that that 0.2% rate would apply to the value of Bitcoin being exchanged, transferred or stored in taxable transactions involving Illinois customers and digital asset brokers.

The Netherlands is moving toward a new tax system for investment gains, and a proposed transition could have implications for Bitcoin holders under the current plan. Financial instruments would move toward taxation while gains are realized, while other assets could remain subject to annual taxation on value increases, potentially meaning unrealized gains on directly held Bitcoin could be taxed before 2030 And Bloomberg, reporting yesterday that El Salvador has turned to the dollar-backed stablecoins and plan to launch their own stablecoin wallet after Bitcoin payments failed to catch on. The country's official Bitcoin office responded, calling the report false, saying the government has no plans to launch or operate any Bitcoin, crypto or stablecoin wallet following the sale of the country's Chivo wallet to a private operator.

And with that, let's take a look at the live market's Bitcoin surging this morning up above 85k. That's up almost 2.5% on the day. Gold also seeing a small increase up just under 1% at $4193 per ounce. A result of the PCE data coming out. Yields falling just a little bit. The 10-year down 3 basis points to 5.22. The 2-year, I believe, also down 2 or 3 basis points to 4.85. And the 30-year yield staying pretty flat at 5.56.

Equities also had a little bit of positive action this morning on the news, but staying flat since then. The SPY, down 3 tenths of a percentage point at 7.64. And the QQQ, down 3 tenths of a percentage point at 7.3793.

Sean, what are you looking at?

Sean Hagan (4:28)

I'm looking at the yields. I mean, that's been the biggest story. Obviously, that CPI, CPE print coming in, very good to see that it came in below expectations. I believe a lot of that was due to kind of revisions in previous month's numbers more so than what maybe happened over the past month. But that's good to see. We're seeing oil come down. Some of those flows start to normalize. Obviously, still some issues at the refinery level.

There's a bottleneck there for sure. And so things like diesel are going to continue to be expensive. But we're seeing inflation readings come down. So hopefully alleviating some stress, give the Fed some flexibility to do what they need here.