News

The algorithmic trading firm’s founder opines on AI’s growing role, the differences between Asian and Western markets, and liquidity fragmentation.

(Bloomberg) -- JPMorgan Chase & Co.’s global markets co-head Jason Sippel is leaving for hedge fund Rokos Capital Management, with Pranav Thakur taking over as sole head of Wall Street’s biggest trading desk.Most Read from BloombergHow the 2025 Catholic Jubilee Is Reshaping RomeTrump Paves the Way to Deputize Local Police on ImmigrationWhen French Communists Went on a Brutalist Building BoomHistoric London Elevator Faces Last Stop in Labour’s Housing PushManhattan’s Morning Commute Time Drops Wi

Bitcoin maximalist MicroStrategy (MSTR) has extended its Bitcoin buying spree, raising $584 million through a perpetual convertible preferred stock offering to fund additional Bitcoin purchases. Initially, MicroStrategy targeted $250 million for its capital raise, but demand ballooned the offering threefold. As a result, the final issuance totaled 7.3 million shares, priced at $80 each.

Apple and other big U.S. companies reporting fatter profits than expected are helping Wall Street shave off more of its sharp losses from the start of the week on Friday. It's on track for just a 0.1% weekly loss after tumbling Monday on worries the artificial-intelligence boom that’s sent it to records may not require as much investment as thought. Apple helped lead the market and rose 3.2% after reporting stronger profit for the latest quarter than analysts expected.

When your personal finances combine with your personal space, your spending habits and savings account might be working a bit more harmoniously too. Consumer practices across the world have been...

The Grayscale Dogecoin Trust will offer investors an opportunity to gain exposure to a token that the company believes has "transitioned from a memecoin... to a tool for global financial inclusion and a viable means of payment". Investors are hunting for gains beyond bitcoin, and firms like Grayscale are looking to tap into the growing popularity of altcoins — a term used for crypto tokens other than the world's biggest cryptocurrency. "Dogecoin is helping groups underserved by legacy financial infrastructure to participate in the financial system," said Rayhaneh Sharif-Askary, Grayscale's head of product and research.

Sippel will be leaving for another opportunity after a 23-year stint at the largest U.S. bank by assets, where he held various roles, including expanding its prime brokerage business and overseeing global credit trading and public finance. Earlier this month, JPMorgan reported a record annual profit as its dealmakers and traders reaped a windfall from rebounding markets in the fourth quarter. JPMorgan's global markets franchise ended 2024 with a record revenue of $30 billion.

“I would like to see progress in lowering inflation resume before we make further adjustments” to the main interest rate, Federal Reserve Governor Michelle Bowman said.

Goolsbee told CNBC, however, that "there is a question mark that is coming from policy uncertainty," including over the impact of tariffs that President Donald Trump says he will impose on trading partners like Mexico and Canada as soon as Saturday. Goolsbee said he agrees with Fed Chair Jerome Powell, who on Wednesday said there should be "no hurry" in making further cuts, given the need to see more progress on inflation. Powell spoke after the central bank announced it had left its benchmark interest rate in the current 4.25%-4.50% range.

The group also increased its bitcoin holdings last quarter for the first time since March, holding nearly 84,000 BTC worth about $7.8 billion as of year-end.