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Industry

SpaceX shares slide 30 percent; short interest jumps from 8 percent to 13 percent in a day

Short sellers targeting SpaceX are increasing rapidly as the stock falls nearly 30 percent in a short period. Short interest jumped to 13 percent from 8 percent in a day, data showed, with early trading touching 14 percent. Other data suggested about 40 million shares are shorted. Improved share-lending conditions and low borrowing costs are cited as drivers. Options markets also reflect downside expectations, though short sellers face risks if buying resumes.

Crypto

Fidelity launches money market fund aimed at stablecoin issuers

Fidelity Investments has launched a new government money market fund aimed at institutional investors, particularly stablecoin issuers. The Fidelity Reserves Digital Fund (FYMXX) launched on June 15, a report said. It invests only in reserve assets permitted under the U.S. stablecoin regulatory law known as the GENIUS Act, including U.S. Treasuries, cash and overnight repurchase agreements. The minimum initial investment is $1 million and the management fee is 0.25 percent.

Crypto

BlackRock\'s BITA draws mixed reviews: high yield but limited upside

BlackRock listed BITA, a Bitcoin income ETF, on the Nasdaq, combining spot Bitcoin exposure with monthly cash distributions funded by option premiums. The fund holds spot Bitcoin and shares of iShares Bitcoin Trust (IBIT), selling covered calls on IBIT to generate income. Analysts and market participants debated whether the strategy can replace holding Bitcoin, citing higher fees, capped upside during sharp rallies and no downside protection during declines.