Morgan Stanley and Galaxy Digital have reached a partnership to recommend the transfer of crypto assets ETP, lowering the cooperation threshold to $5 million. Bitdeer produced 205.3 BTC this week and sold all of it to maintain a zero holding strategy

By: rootdata|2026/06/09 04:45:01
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According to BBX data, last week the expansion of institutional crypto infrastructure and the differentiation of cash flow management models for mining companies were implemented simultaneously. The core dynamics are as follows:

  • Morgan Stanley (NYSE: $MS) Wealth Management Department and Galaxy Digital Inc. (NASDAQ: $GLXY) officially announced a recommended cooperation agreement on June 5: allowing Morgan Stanley's qualified high-net-worth clients to lend directly held BTC, ETH, or SOL to Galaxy Digital. After Galaxy, as an Authorized Participant (AP), completes the creation of physical shares, the corresponding spot crypto ETP shares (including Morgan Stanley Bitcoin Trust, NYSE Arca: $MSBT) will be directly transferred to the client's brokerage account; the converted ETP shares can be used as collateral for account financing. Key parameters: Galaxy Digital has reduced the minimum trading threshold for Morgan Stanley's recommended clients from $25 million to $5 million, significantly expanding the coverage of qualified high-net-worth clients; traditional similar institutional trades usually take more than four weeks to complete, while the new mechanism can shorten the entire process by up to 75%. The legal basis for this cooperation is the SEC's approval of the physical conversion ETF mechanism for crypto assets in July 2025, allowing direct physical conversion between directly held crypto assets and spot crypto ETFs, with Morgan Stanley's $MSBT being one of the first beneficiary products.

  • Bitdeer Group, Inc. (NASDAQ: $BTDR) reported that as of the week of June 5, 2026, Bitcoin mining output was 205.3 BTC, with the same amount sold, resulting in a net holding of 0 BTC, maintaining a current BTC position of zero, continuing the "output equals sale" cash flow management strategy; the proceeds from sales are used to support the R&D of its SEALMINER mining hardware product line and the expansion of hash power hosting services. Bitdeer's zero holding model sharply contrasts with mining companies like CleanSpark, Inc. (NASDAQ: $CLSK) (holding approximately 13,561 BTC) and MARA Holdings, Inc. (NASDAQ: $MARA) (holding approximately 35,303 BTC), which continue to accumulate Bitcoin, representing another financially rational path for mining companies during the BTC price downturn cycle—exchanging immediate liquidity for stable operational cash flow, avoiding the impact of single asset price fluctuations on the balance sheet.

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