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Project Overview
Bond creates a new type of online relationship built on trust with real commitment and no lock-in. Bond sits between a free “follow” and a recurring subscription: you bond money to someone once, they earn the interest, and you can withdraw your money anytime. Since a bond is refundable, bonding is effectively free and built on trust from day one. The result is a verified audience list of real people with real intent and skin in the game. Bond was formerly known as Royal, which is an NFT music marketplace.
JPMorgan: Corporate financing surplus nears 2% of GDP, share buybacks support US stocks
According to Chaohang Research, JPMorgan’s September 24, 2026 research report indicates that U.S. corporate financing surplus in Q2 2026 approached 2% of GDP, marking the highest level for non-crisis periods since data tracking began in 1952. Non-financial corporate surplus stood at approximately 1.5%, the highest for non-crisis periods since 1958. Global equity buybacks are projected to reach $1.7 trillion in 2026, with U.S. corporations accounting for $1.3 trillion. Bitcoin’s production cost is approximately $85,000; after trading below this threshold for 280 consecutive days, the price has finally broken through. Network hash rate and mining difficulty have decreased by roughly 19% and 15%, respectively, from their peaks last October. JPMorgan notes that cash flow growth outpaces capital expenditures, indicating that the corporate sector as a whole does not require additional financing. This financing surplus underpins share repurchases, particularly among firms outside the technology sector. AI-driven capital expenditures are crowding out other spending, keeping overall capex growth moderate, and the exuberance of the late 1990s has yet to return. Bitcoin miners are structurally shifting toward AI operations, lowering forced selling risks, though hash rate expansion has decelerated. Bond futures momentum indicators have moved into more extreme bearish zones, with standard deviation scores for the 10-year U.S. Treasury and German Bunds reverting to -1.7 and -1.5, respectively.
SoftBank Plans to Raise Another $10-20 Billion via Bond Issuance Next Week, Boosting AI Financing Firepower
Odaily News: SoftBank Group is finalizing nearly $21 billion in potential new borrowing this week to expand its AI-sector financing capacity. People familiar with the matter said SoftBank has increased the size of a margin loan backed by shares of its chip subsidiary Arm Holdings by $5 billion to $25 billion, and added $450 million to an existing credit facility, bringing the total to $6.5 billion. In addition, SoftBank plans to raise another $10 billion to $20 billion next week through another mega bond deal. (Bloomberg)
XRP Treasury Company Evernorth Secures $30 Million Convertible Bond Financing From NH Investment & Securities
As reported by CoinDesk, XRP treasury management company Evernorth has raised $30 million through the issuance of convertible bonds, with investment from South Korean institutional investor NH Investment & Securities. The financing is contingent on the successful merger of Evernorth with a SPAC, with the proceeds to be used for purchasing XRP spot prior to its NASDAQ listing. Upon completion of the merger, the company intends to list on NASDAQ under the ticker symbol "XRPN".
India Launches Tokenization Pilot for $620 Billion Corporate Bond Market
Odaily reports: The Securities and Exchange Board of India (SEBI), in collaboration with the Reserve Bank of India (RBI), has launched the "Demat 2.0" pilot to issue and settle corporate bond tokens on permissioned ledgers operated by NSDL and CDSL, covering a corporate bond market of approximately $620 billion.State-owned lender REC, Larsen & Toubro, and non-bank lender IIFL Finance have collectively raised approximately $107 million through this framework. The system connects to the RBI's wholesale digital rupee to enable simultaneous settlement of bonds and funds, and automates interest payments and redemptions via smart contracts.SEBI stated that the legal terms, credit ratings, trustee arrangements, listing rules, and investor protections for tokenized bonds remain unchanged. Investors can hold tokens in their existing Demat accounts, with secondary trading and retail participation to be introduced in subsequent phases. (Decrypt)
J.P. Morgan: AI Bond Issuance Hits $266 Billion, Investment Booms Rarely End Gently
According to Chaoxiang Research, a JPMorgan research report dated September 9, 2026 notes that since the beginning of 2026, USD-denominated high-grade bond issuance related to AI capital expenditure has reached $266 billion. Of this, mega-cap companies issued $182 billion, data center operators $42 billion, and semiconductor firms $42 billion. This figure surpasses the full-year total of $139 billion in 2025 and is more than nine times the $29 billion issued throughout all of 2024. The report projects that financing needs for AI capital expenditure in the high-grade bond market will reach $2.1 trillion over the next five years.
Dell Plans $4 Billion Investment-Grade Bond Issuance to Refinance Amid AI Server Demand Surge
Odaily News: Dell Technologies is seeking to raise approximately $4 billion through an investment-grade bond issuance to refinance existing debt. Sources familiar with the matter said the final issuance size has yet to be determined and will be adjusted based on market demand. The bond sale comes amid continued growth in AI-driven server demand, as Dell benefits from the AI infrastructure investment boom, boosting its performance. (Bloomberg)
Virtu Financial, M1X Global, and Tradeweb Complete First On-Chain Repo Transaction Using Sovereign Digital Bond as Collateral in Under 10 Minutes
Odaily News - Financial services firm Virtu Financial, M1X Global, and electronic trading platform Tradeweb have completed an on-chain repo transaction using the Republic of the Marshall Islands' USDM1 sovereign digital bond as collateral. The entire transaction was executed on the Canton Network and settled in under 10 minutes.USDM1 is a U.S. dollar-denominated, on-chain issued sovereign bond, backed 1:1 by short-term U.S. Treasuries. It pays a coupon while serving as collateral and constitutes a fully collateralized sovereign obligation under New York State law. The parties involved stated that this is the first repo transaction combining natively issued sovereign collateral with fully on-chain atomic settlement.USDM1 is available for electronic trading via Tradeweb, with institutional custody services provided by Anchorage Digital, BitGo, and tZERO. The Canton Network is designed for institutional finance, featuring privacy and permissioning mechanisms for regulated transactions and tokenized assets. (Cointelegraph)
Securitize and Neuberger Launch High-Yield Bond Tokenized Fund; Neuberger's Fixed Income Platform Exceeds $230 Billion
Odaily News - Digital asset tokenization platform Securitize, in partnership with asset management firm Neuberger, has launched the Neuberger Securitize High Income Tokenized Fund (HINC). The fund primarily invests in high-yield bonds and may also allocate to collateralized loan obligations (CLOs) and leveraged loans.HINC will be issued on four public chains—Avalanche, Ethereum, Solana, and Sui—and is available exclusively to eligible qualified investors and qualified purchasers. Investors must undergo customer identification and anti-money laundering screening, and comply with jurisdictional restrictions and securities rules.Neuberger will handle portfolio management and research, Securitize Capital will serve as investment advisor, Securitize Markets will provide fund shares, and other affiliates will manage tokenization, administration, and operational services. Neuberger's fixed income platform manages over $230 billion in assets.Securitize disclosed that its tokenized asset management scale has reached $3.4 billion, with first-quarter revenue of $19.5 million, up nearly 40% year-over-year. The company began trading on July 2, becoming the first firm to list shares on both the New York Stock Exchange and on-chain simultaneously. (Bitcoin.com News)
Standard Chartered Bank Analyst: US Treasury Expands Long-Term Bond Buyback, BTC May Hit $100,000 by Year-End
According to Cointelegraph, Standard Chartered Bank analyst Geoff Kendrick pointed out in the latest client report that the U.S. Treasury announced the scale of 10- to 30-year Treasury bond buybacks will be at least doubled from $2 billion per operation to $4 billion, with an execution period from September 9 to November 4. This policy drove long-term U.S. Treasury yields down significantly, effectively alleviating selling pressure in the bond market. Kendrick stated that such government liquidity interventions have historically been bullish for Bitcoin, and coupled with its fixed supply attribute, BTC is expected to hit $100,000 before the end of the year. Technically, he views $65,500 as a key support level; once effectively broken above, it can confirm that the bottom of this cycle has appeared.
Standard Chartered Bullish on Bitcoin Hitting $100,000 by Year-End: U.S. Treasury Expanding Bond Buybacks Could Be Key Catalyst
Odaily News – Geoff Kendrick, Head of Digital Assets Research at Standard Chartered Bank, stated that Bitcoin (BTC) could rise to $100,000 by the end of 2026 as the U.S. Treasury expands liquidity support for the long-term bond market.In a recent client report, Kendrick noted that Bitcoin's current key technical resistance level is $65,500. If the price breaks through this level, it could signal that the cyclical low for this market cycle has already formed. He suggested investors begin positioning for a Bitcoin rally to $100,000 by year-end. Kendrick stated that beyond the four-year cycle pattern for Bitcoin, which suggests the market may be nearing a bottom, the U.S. Treasury's recent announcement to expand long-term bond buybacks is also a significant catalyst.The U.S. Treasury plans to raise the cap on buyback operations for 10- to 20-year and 20- to 30-year Treasury bonds from $2 billion to at least $4 billion per operation. The expanded program is scheduled to be implemented from September 9 to November 4. Following the announcement, yields on long-term U.S. Treasuries notably declined, easing the pressure that the significant sell-off in the bond market had placed on financial markets.Kendrick believes the Treasury's expanded bond buybacks represent a "favorable environment for Bitcoin," as Bitcoin has previously benefited multiple times from government liquidity interventions, while its fixed supply mechanism gives it properties that hedge against currency debasement. In the market, Bitcoin rose over 6% on Wednesday, briefly approaching $69,000, marking its highest level since early June. Kendrick has previously been repeatedly bullish on Bitcoin's long-term trajectory, arguing that as global fiscal pressures increase and monetary policy trends toward easing, Bitcoin may enter a new long-term upward cycle. (Cointelegraph)
U.S. Manufacturing Expansion Hits Four-Year High, Yet Bond Market Falls into a "Credibility Blind Spot"
Odaily News, July saw the U.S. manufacturing PMI rise to 55.6, the highest since 2022, with both production and employment recovering. However, strong demand and geopolitical inflation concerns have roiled the bond market, with Bank of America warning that the Federal Reserve is facing a credibility test. The hot manufacturing performance, coupled with geopolitical inflation threats, has sent U.S. Treasury markets into sharp turbulence. Long-dated Treasuries have recently faced heavy selling, with yields briefly surging to near two-decade highs.Mark Cabana, Head of U.S. Rates Strategy at Bank of America, commented on this, calling the bond market's violent swings a "textbook inflation credibility shock."Cabana noted that the core driver of the market turmoil is not the data itself, but the Fed's lack of policy communication. He specifically pointed to Fed Chair Kevin Warsh's performance at a recent press conference, arguing that Warsh failed to clearly articulate how the Fed would achieve its 2% inflation target."Standing firm on the inflation target is one thing, but if you don't tell the market the specific path, investors won't buy it," Cabana said bluntly in a Bloomberg TV interview. "The bond market cannot be fooled; it sees through all appearances." (Jin10)
UK Tokenized Government Bond Plan Advances, On-Chain Cash Settlement Becomes Key Bottleneck
According to CoinDesk, the UK government plans to complete the first tokenized sovereign bond issuance tests through HSBC and the London Stock Exchange Group (LSEG) in early 2027, but industry experts point out that on-chain cash settlement issues remain the core obstacle hindering the implementation of the plan. Varun Paul, Global Head of Central Banks and Market Infrastructure at Fireblocks, stated that the project has secured sufficient institutional support, and a change in government (UK Prime Minister changing from Keir Starmer to Andy Burnham) is unlikely to reverse it, and tokenized government bonds are expected to boost market demand given the UK's current debt scale of nearly 3 trillion pounds (approximately 4 trillion USD). Jannah Patchay, Founder of Markets Evolution, pointed out that tokenized bond technology has been validated for nearly seven years since Santander Bank issued the first tokenized sterling corporate bond in 2019, but the absence of on-chain counterparty risk-free settlement assets has remained unresolved. She called on regulators to promote the use of compliant sterling stablecoins to provide an on-chain settlement mechanism. Currently, the global stablecoin market size reaches $300 billion, but TGBP, the largest pound stablecoin by market capitalization, is only worth about $34.2 million, accounting for a negligible proportion.
JPMorgan: Corporate financing surplus nears 2% of GDP, share buybacks support US stocks
According to Chaohang Research, JPMorgan’s September 24, 2026 research report indicates that U.S. corporate financing surplus in Q2 2026 approached 2% of GDP, marking the highest level for non-crisis periods since data tracking began in 1952. Non-financial corporate surplus stood at approximately 1.5%, the highest for non-crisis periods since 1958. Global equity buybacks are projected to reach $1.7 trillion in 2026, with U.S. corporations accounting for $1.3 trillion. Bitcoin’s production cost is approximately $85,000; after trading below this threshold for 280 consecutive days, the price has finally broken through. Network hash rate and mining difficulty have decreased by roughly 19% and 15%, respectively, from their peaks last October. JPMorgan notes that cash flow growth outpaces capital expenditures, indicating that the corporate sector as a whole does not require additional financing. This financing surplus underpins share repurchases, particularly among firms outside the technology sector. AI-driven capital expenditures are crowding out other spending, keeping overall capex growth moderate, and the exuberance of the late 1990s has yet to return. Bitcoin miners are structurally shifting toward AI operations, lowering forced selling risks, though hash rate expansion has decelerated. Bond futures momentum indicators have moved into more extreme bearish zones, with standard deviation scores for the 10-year U.S. Treasury and German Bunds reverting to -1.7 and -1.5, respectively.
Deutsche Bank: Tech Stock Rotation Still Has Room, Positioning Not Yet at Previous Highs
According to Trend Research, Deutsche Bank's September 25, 2026 research report states that tech stocks have risen 14% since late July, while the rest of the S&P 500 has declined 3%. Tech stock positioning stands at the 80th percentile, down from a peak of 99 percentiles in early June. Overall large-cap positioning is at the 79th percentile, systematic strategies at 91 percentiles, and discretionary strategies at 64 percentiles. Equity funds saw $10.2 billion in outflows, marking the first instance in three months, with U.S. equity funds posting $21.2 billion in outflows. Bond funds recorded $17.3 billion in inflows.
Bond traders are preparing for a Federal Reserve rate hike.
Market charts show bond traders are adjusting positions in anticipation of potential Federal Reserve rate hikes and the risk of rising interest rates.
Standard Chartered Bank Analyst: US Treasury Expands Long-Term Bond Buyback, BTC May Hit $100,000 by Year-End
According to Cointelegraph, Standard Chartered Bank analyst Geoff Kendrick pointed out in the latest client report that the U.S. Treasury announced the scale of 10- to 30-year Treasury bond buybacks will be at least doubled from $2 billion per operation to $4 billion, with an execution period from September 9 to November 4. This policy drove long-term U.S. Treasury yields down significantly, effectively alleviating selling pressure in the bond market. Kendrick stated that such government liquidity interventions have historically been bullish for Bitcoin, and coupled with its fixed supply attribute, BTC is expected to hit $100,000 before the end of the year. Technically, he views $65,500 as a key support level; once effectively broken above, it can confirm that the bottom of this cycle has appeared.
Standard Chartered Bullish on Bitcoin Hitting $100,000 by Year-End: U.S. Treasury Expanding Bond Buybacks Could Be Key Catalyst
Odaily News – Geoff Kendrick, Head of Digital Assets Research at Standard Chartered Bank, stated that Bitcoin (BTC) could rise to $100,000 by the end of 2026 as the U.S. Treasury expands liquidity support for the long-term bond market.In a recent client report, Kendrick noted that Bitcoin's current key technical resistance level is $65,500. If the price breaks through this level, it could signal that the cyclical low for this market cycle has already formed. He suggested investors begin positioning for a Bitcoin rally to $100,000 by year-end. Kendrick stated that beyond the four-year cycle pattern for Bitcoin, which suggests the market may be nearing a bottom, the U.S. Treasury's recent announcement to expand long-term bond buybacks is also a significant catalyst.The U.S. Treasury plans to raise the cap on buyback operations for 10- to 20-year and 20- to 30-year Treasury bonds from $2 billion to at least $4 billion per operation. The expanded program is scheduled to be implemented from September 9 to November 4. Following the announcement, yields on long-term U.S. Treasuries notably declined, easing the pressure that the significant sell-off in the bond market had placed on financial markets.Kendrick believes the Treasury's expanded bond buybacks represent a "favorable environment for Bitcoin," as Bitcoin has previously benefited multiple times from government liquidity interventions, while its fixed supply mechanism gives it properties that hedge against currency debasement. In the market, Bitcoin rose over 6% on Wednesday, briefly approaching $69,000, marking its highest level since early June. Kendrick has previously been repeatedly bullish on Bitcoin's long-term trajectory, arguing that as global fiscal pressures increase and monetary policy trends toward easing, Bitcoin may enter a new long-term upward cycle. (Cointelegraph)
Goldman Sachs: Information Technology Stocks See Biggest Sell-Off in a Decade, Selling Pressure May Be Nearing Exhaustion
According to TechFlow Research, Goldman Sachs' August 3 position tracking report shows that the volume of long sales for global information technology stocks last week reached the highest level since 2014, with the total selling volume over two consecutive days ranking second highest in nearly a decade. Hedge funds' total leverage gave back half of its year-to-date gains, and net leverage turned negative year-to-date. Retail margin balances in South Korea and Japan began to reverse after reaching historical extremes, while US retail investors are also reducing semiconductor stock holdings. Speculative net shorts in VIX futures have largely been cleared. Goldman Sachs believes the intensity of deleveraging may have peaked, but the inertia of capital outflows persists. Individual stock implied volatility rose to the highest level since 2020, index correlation fell to low levels, and the market is shifting from trading the AI sector broadly to differentiated pricing of individual stocks. Bond funds and money market funds are the main drivers of capital inflows this year; equity funds saw inflows of $34 billion in July, with an absolute scale far smaller than that of the bond market. Goldman Sachs judges that the stock selection environment is improving, but sector beta trading still faces pressure.
Bitget Adds Spot rTokens for 470 Stocks Including Manchester United and Kingsoft Cloud
According to official announcements, Bitget has listed 470 stock spot rTokens, including rMANU (Manchester United), rKC (Kingsoft Cloud), rVGLT (Vanguard Long-Term Treasury ETF), rFBND (Fidelity Total Bond ETF), and rRWM (ProShares Short Russell2000), covering multiple sectors such as sector ETFs, broad-based ETFs, and bond ETFs. As of now, the Bitget platform supports a total of 2,139 rTokens.
Bybit today listed 6 stock perpetual contracts including TLT, SECZ, and AMZU.
Bybit has added six stock perpetual contracts today: iShares 20+ Year Treasury Bond ETF (TLTUSDT), Securitize (SECZUSDT), Zscaler (ZSUSDT), Core Scientific (CORZUSDT), GitLab (GTLBUSDT), and Direxion Daily AMZN Bull 2X Shares (AMZUUSDT), supporting up to 25x leverage. Enjoy limited-time fee discounts upon listing: 0% fees for limit orders and 50% off for market orders.
Virtu Financial, M1X Global, and Tradeweb Complete First On-Chain Repo Transaction Using Sovereign Digital Bond as Collateral in Under 10 Minutes
Odaily News - Financial services firm Virtu Financial, M1X Global, and electronic trading platform Tradeweb have completed an on-chain repo transaction using the Republic of the Marshall Islands' USDM1 sovereign digital bond as collateral. The entire transaction was executed on the Canton Network and settled in under 10 minutes.USDM1 is a U.S. dollar-denominated, on-chain issued sovereign bond, backed 1:1 by short-term U.S. Treasuries. It pays a coupon while serving as collateral and constitutes a fully collateralized sovereign obligation under New York State law. The parties involved stated that this is the first repo transaction combining natively issued sovereign collateral with fully on-chain atomic settlement.USDM1 is available for electronic trading via Tradeweb, with institutional custody services provided by Anchorage Digital, BitGo, and tZERO. The Canton Network is designed for institutional finance, featuring privacy and permissioning mechanisms for regulated transactions and tokenized assets. (Cointelegraph)
Pharos Partners with R25 to Launch pRNH Vault, Providing Eligible Users with On-Chain Access to US High-Yield Corporate Bonds
Odaily News – Pharos Network has announced the launch of the pRNH Vault, powered by the R25 protocol, offering eligible users an on-chain channel to invest in US high-yield corporate bonds.The Vault's underlying assets are connected to the NYLIM Anemoy US High-Yield Corporate Bond Independent Portfolio (HYB), co-initiated by NYLIM and Anemoy, with tokenization technology provided by Centrifuge. Users can deposit USDC into Pharos and exchange it for pRNH tokens via R25, gaining indirect exposure to HYB assets.The Vault targets a scale of $100 million, with an estimated annualized yield of approximately 7%. It imposes no hard lock-up period and incorporates agent-assisted features covering credit screening and liquidity monitoring within its architecture.
Standard Chartered Bullish on Bitcoin Hitting $100,000 by Year-End: U.S. Treasury Expanding Bond Buybacks Could Be Key Catalyst
Odaily News – Geoff Kendrick, Head of Digital Assets Research at Standard Chartered Bank, stated that Bitcoin (BTC) could rise to $100,000 by the end of 2026 as the U.S. Treasury expands liquidity support for the long-term bond market.In a recent client report, Kendrick noted that Bitcoin's current key technical resistance level is $65,500. If the price breaks through this level, it could signal that the cyclical low for this market cycle has already formed. He suggested investors begin positioning for a Bitcoin rally to $100,000 by year-end. Kendrick stated that beyond the four-year cycle pattern for Bitcoin, which suggests the market may be nearing a bottom, the U.S. Treasury's recent announcement to expand long-term bond buybacks is also a significant catalyst.The U.S. Treasury plans to raise the cap on buyback operations for 10- to 20-year and 20- to 30-year Treasury bonds from $2 billion to at least $4 billion per operation. The expanded program is scheduled to be implemented from September 9 to November 4. Following the announcement, yields on long-term U.S. Treasuries notably declined, easing the pressure that the significant sell-off in the bond market had placed on financial markets.Kendrick believes the Treasury's expanded bond buybacks represent a "favorable environment for Bitcoin," as Bitcoin has previously benefited multiple times from government liquidity interventions, while its fixed supply mechanism gives it properties that hedge against currency debasement. In the market, Bitcoin rose over 6% on Wednesday, briefly approaching $69,000, marking its highest level since early June. Kendrick has previously been repeatedly bullish on Bitcoin's long-term trajectory, arguing that as global fiscal pressures increase and monetary policy trends toward easing, Bitcoin may enter a new long-term upward cycle. (Cointelegraph)
AMD Plans $5 Billion Bond Offering to Boost AI Infrastructure Investment
Odaily News Chip giant AMD plans to raise up to $5 billion through a four-part bond offering, which, if completed, would become one of the largest bond financings in the company's history.It is reported that AMD is increasing capital expenditure to address the rapidly growing demand for AI computing. Previously, the company has reached significant cooperation agreements with Anthropic and Microsoft (MSFT), and has committed to providing up to $5 billion in support to Anthropic.The proceeds from this bond offering will be used for general corporate purposes, including potential debt repayment. As of now, AMD has approximately $875 million in bonds maturing next month.The market believes that AMD's recent continuous expansion of its AI chip and computing infrastructure layout, with debt financing providing financial support for the company to further invest in its AI business, expand its supply chain, and drive strategic cooperation.
Related news
Japan's Ministry of Finance Establishes "On-chain Response Research Committee" to Advance Exploration of Instant Government Bond Settlement
According to Reuters, Japan's Ministry of Finance announced on September 30 the establishment of the "On-Chain Research Group," focusing on the feasibility of real-time settlement for government bond transactions, with its inaugural meeting scheduled for October 8. The group will systematically outline the advantages and disadvantages of blockchain-based instant settlement relative to current T+1 settlement conventions. Members will include professors from academic institutions such as the University of Tokyo and Waseda University, alongside private sector strategists, and will involve the Bank of Japan and the Financial Services Agency to participate in exchanging views. A senior official at the Ministry of Finance noted that existing U.S. MMF products backed by government bonds and traded on blockchain will serve as important reference cases. The research group plans to consolidate its findings on the topic by the end of the year.
Hong Kong SAR Government Issues Fourth Batch of HK$20 Billion Equivalent Digital Green Bonds
Odaily News: The Hong Kong SAR Government announced today (September 29) the successful pricing of approximately HK$20 billion equivalent in digital green bonds under the Government Sustainable Bond Programme, covering Hong Kong dollars, Renminbi, US dollars, and euros. In addition to continuing the use of traditional settlement methods and the tokenized central bank money settlement option introduced last time, this issuance also introduced tokenized deposits through EnsembleTX in the primary issuance settlement process for the HKD-denominated bonds, making it among the world's first digital bonds to incorporate HKD tokenized deposits. This further enhances the digital ecosystem and lays the foundation for exploring the programmability of digital currencies.
JPMorgan: Corporate financing surplus nears 2% of GDP, share buybacks support US stocks
According to Chaohang Research, JPMorgan’s September 24, 2026 research report indicates that U.S. corporate financing surplus in Q2 2026 approached 2% of GDP, marking the highest level for non-crisis periods since data tracking began in 1952. Non-financial corporate surplus stood at approximately 1.5%, the highest for non-crisis periods since 1958. Global equity buybacks are projected to reach $1.7 trillion in 2026, with U.S. corporations accounting for $1.3 trillion. Bitcoin’s production cost is approximately $85,000; after trading below this threshold for 280 consecutive days, the price has finally broken through. Network hash rate and mining difficulty have decreased by roughly 19% and 15%, respectively, from their peaks last October. JPMorgan notes that cash flow growth outpaces capital expenditures, indicating that the corporate sector as a whole does not require additional financing. This financing surplus underpins share repurchases, particularly among firms outside the technology sector. AI-driven capital expenditures are crowding out other spending, keeping overall capex growth moderate, and the exuberance of the late 1990s has yet to return. Bitcoin miners are structurally shifting toward AI operations, lowering forced selling risks, though hash rate expansion has decelerated. Bond futures momentum indicators have moved into more extreme bearish zones, with standard deviation scores for the 10-year U.S. Treasury and German Bunds reverting to -1.7 and -1.5, respectively.
Deutsche Bank: Tech Stock Rotation Still Has Room, Positioning Not Yet at Previous Highs
According to Trend Research, Deutsche Bank's September 25, 2026 research report states that tech stocks have risen 14% since late July, while the rest of the S&P 500 has declined 3%. Tech stock positioning stands at the 80th percentile, down from a peak of 99 percentiles in early June. Overall large-cap positioning is at the 79th percentile, systematic strategies at 91 percentiles, and discretionary strategies at 64 percentiles. Equity funds saw $10.2 billion in outflows, marking the first instance in three months, with U.S. equity funds posting $21.2 billion in outflows. Bond funds recorded $17.3 billion in inflows.
Bitget Adds Spot rTokens for 470 Stocks Including Manchester United and Kingsoft Cloud
According to official announcements, Bitget has listed 470 stock spot rTokens, including rMANU (Manchester United), rKC (Kingsoft Cloud), rVGLT (Vanguard Long-Term Treasury ETF), rFBND (Fidelity Total Bond ETF), and rRWM (ProShares Short Russell2000), covering multiple sectors such as sector ETFs, broad-based ETFs, and bond ETFs. As of now, the Bitget platform supports a total of 2,139 rTokens.
SoftBank Plans to Raise Another $10-20 Billion via Bond Issuance Next Week, Boosting AI Financing Firepower
Odaily News: SoftBank Group is finalizing nearly $21 billion in potential new borrowing this week to expand its AI-sector financing capacity. People familiar with the matter said SoftBank has increased the size of a margin loan backed by shares of its chip subsidiary Arm Holdings by $5 billion to $25 billion, and added $450 million to an existing credit facility, bringing the total to $6.5 billion. In addition, SoftBank plans to raise another $10 billion to $20 billion next week through another mega bond deal. (Bloomberg)