When the SEC opened the door in January for bitcoin exchange-traded funds to hit the mainstream, many traditional financial institutions across Wall Street and beyond finally had the opportunity to buy into crypto. Since then, money has poured in, but in fits and starts.
On Wednesday, banks and hedge funds with more than $100 million in assets hit a deadline to file their second-quarter 13F reports, disclosing their investments and what they bought and sold over a three-month stretch.
There are no shortage of opportunities for firms that want to take their time getting into the market. Following an array of public ETF listings in January tied to bitcoin, the Securities and Exchange Commission went a step further last month, clearing the way for spot ether ETFs, allowing investors to get access to the second-largest cryptocurrency. Those new holdings will start showing up in third-quarter reports.
In the period from March through June, Goldman Sachs made its debut in the crypto ETF market, purchasing $418 million worth of bitcoin funds. Its biggest position is a $238 million ownership in shares of BlackRock’s iShares Bitcoin Trust. The bank also owns shares in spot funds from Grayscale, Invesco, Fidelity and others.
Morgan Stanley was the first among the big players on Wall Street to give the green light to its 15,000 financial advisors to start pitching clients, who have a net worth north of $1.5 million, bitcoin ETFs, specifically those issued by BlackRock and Fidelity. Up to this point, wealth management businesses have only facilitated trades if customers requested exposure to the new spot crypto funds.
Of Morgan Stanley’s $1.5 trillion in assets under management, the bank disclosed in its filing that it trimmed its position in spot bitcoin ETFs to around $189 million from roughly $270 million. Most of those cuts were due to sales of almost all of its shares in the Grayscale Bitcoin Trust, which has a much higher management fee than other ETFs. The vast majority of the bank’s spot bitcoin holdings are now through the iShares trust.
For most of the banks, the vast majority, if not all, of the ETF flows can be attributed to wealth management clients asking for exposure, rather than a decision by the firm to hold the assets on its balance sheet.
While Wall Street investment banks are coming in slowly, hedge funds are taking a more aggressive approach.
That’s down substantially from the $844 million worth of shares it held as of its May filing, having cut its stake in BlackRock’s fund by about half, and in Grayscale’s by more than half.
London-based Capula Investment Management, one of the top hedge funds in Europe with $30 billion under management, disclosed in a recent SEC filing that it holds more than $464 million in spot bitcoin ETFs, including the funds offered by BlackRock and Fidelity.
Point72 Asset Management and Apollo Management have also jumped into the market as have firms including Citadel Advisors, Jane Street and Fortress Investment Group.
Since launching in January, spot bitcoin funds have seen net flows of around $17.5 billion, bringing total assets in the funds to $53.5 billion as of mid-August. Grayscale’s fund, which existed previously and was converted to an ETF, has seen $19.4 billion in outflows since the change, though its new budget product has seen net inflows of $274 million.
Spot ether ETFs hold more than $7.6 billion as of Tuesday. Barclays analysts noted that trading volume across all spot crypto ETF products has declined, compared to spot exchange volumes.
Still, the new ETF activity has helped lift bitcoin prices, which hit a record above $73,000 in March. The price has since dropped sharply, to under $58,000, alongside volatility in the boarder markets, though it’s still up more than 30% this year.
“The crypto markets are strong because we have the sentiment shift,” Galaxy Digital chief Mike Novogratz told CNBC in May. “Crypto is now an asset class. It will be next year, it will be forever. And it wasn’t that way two years ago. There was risk around the asset class, and it’s been de risked.”
Read more about tech and crypto from CNBC Pro
Bitcoin mining lures new investors
ETFs aren’t the only way investors are playing the market.
Daniel Sundheim’s D1 Capital built up a bitcoin mining position in the latest quarter, taking advantage of a shift as miners retrofit their facilities to service artificial intelligence clients. Like crypto mining, artificial intelligence workloads require immense amounts of power.
D1, which managed about $19 billion at the beginning of the year, bought nearly $5.4 million worth of Bitdeer Technologies, $17.3 million of Iris Energy, and nearly $17.4 million in shares of Hut 8 Corp.
Hut 8 said in its first-quarter earnings report that it had purchased Nvidia’s AI processors and secured a customer agreement with a venture-backed AI cloud platform as part of its expansion. Iris Energy expects to generate up to $17 million in annual revenue from its AI cloud services.
The combined market capitalization of the 14 major U.S.-listed bitcoin miners hit a record high of $22.8 billion on June 15, according to a note from JPMorgan, which has also been investing capital into an ETF of miners and individual companies. UBS has added shares of Bitdeer, Bitfarms, Bit Digital, Hut 8, as well as more than $5 million in Iris Energy, as of its latest 13F filing.
Mercedes-Benz is saying goodbye to its capable, seven-passenger EQB electric vehicle – but that doesn’t mean it’s over. If you’ve been eyeing a new, quasi-affordable SUV with nationwide dealer support and a luxury logo, the time is now.
German-language Mercedes fansite JESMB is reporting that Mercedes-Benz has removed the EQB from its dealer configurator page, and the company’s Hungarian plant in Kecskemét will only produce new EQBs that have already been ordered until production of the new-look Mercedes GLB “with EQ technology” begins in 2026.
A quick search reveals that dealers are pushing hard to unload their existing stock of Mercedes EQBs. Mercedes-Benz of North Olmsted in Ohio (home of Benzs and Bowties’ Doug Horner), for example, recently advertised a new EQB with an MSRP of $59,300 with a $9,000 manufacturer incentive plus a $4,744 dealer discount. That’s more than 23% off the EV’s original sticker price and, at $45,556, is well below the $48,841 average transaction price for new vehicles in July.
MBZNO sold that car, and they’re not alone. CarsDirect has reported up to $14,500 in total Mercedes-Benz lease incentives for some EQB lease programs in select markets while TrueCar reports an average 15.6% average savings (!) off MSRP.
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For that money, Mercedes’ EQB customers get a capable, mid-sized SUV with room for five adults and two kids in (what my family has come to call) “the wayback” seats, 251 miles of EPA-rated range and a 30 minute 10-80% charge time on a 100 kW DCFC. 0-60 mph performance and highway acceleration is adequate, ranging from a 6.0-second sprint in the EQB 350 models and 7-8 seconds from the 250+ and 300 models.
It’s still a tough sell
Mercedes EQB slasher sale; via ChatGPT.
Even with the discounts, there’s no escaping the fact that EVs from brands like Chevy, Ford, Hyundai, and Kia have objectively eclipsed the EQB in terms of range, performance, and charging speeds.
That said, the three-pointed star still means something to a lot of buyers. If they can look beyond the specs and take the EQB for a test drive, they might find that the signature Mercedes-Benz feel indeed lives in this well-rounded electric SUV, and that will probably be able to handle everything they throw at it. Plus, with the $7,500 Federal EV Tax Credit set to expire on September 30th, the current deals on this electric SUV might be as good as it gets!
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A condominium complex in Northern California recently installed EV chargers into every single one of its 143 parking spots, future-proofing the whole complex for a fully-electrified future, and it managed to do it with zero cost out of pocket. Here’s how.
Now, right off the bat, we have to come clean: the operative phrase, there, is “out of pocket.” While this installation is still very low-cost, it was only made zero-cost for the complex thanks to a utility incentive from Peninsula Clean Energy (PCE), a local clean energy utility in San Mateo County.
However, that incentive covered $2,000 per spot, and that’s still a really low cost for installing chargers into every single parking spot in a complex nonetheless.
The condo complex is Bayview Condominiums in Millibrae, CA, just South of San Francisco. The region is a hotspot for electric vehicle adoption, so there’s no surprise that we’re seeing some big moves in electrification in the area.
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Bayview Condos held a ribbon cutting for its new chargers this week. Image: Peninsula Clean Energy
The installation uses GoPowerEV chargers, a $1,395 low-power “Level 1” charger that can charge two parking spots at just under 2kW each. That’s rather slow compared to the dedicated chargers you’re probably used to, but it’s enough for the vast majority of driver’s needs – with an overnight charge, you can get around 50 miles worth of range on most of today’s EVs.
But if you do need more than that, there’s an option. Each of GoPowerEV’s chargers has 3 plugs: two 120V, 20A NEMA 5-20 outlets, and one 240V, 20A NEMA 6-20 outlet in the center. The chargers are meant to sit between two parking spots, with drivers using the outer low-powered outlets most of the time.
But if one driver needs a quicker charge on any given night, they can take the middle outlet and request more power for a few extra cents per kWh via GoPowerEV’s app (though, still, only 3.3-3.9kW, and only if your neighbor doesn’t need much of a charge).
This isn’t the only provider or the only solution for an apartment complex. Some complexes install a smaller number of higher-powered, shared chargers at a higher cost, and some have chosen to install a more basic, low-powered outlet for every single spot, meaning nobody has to fight for chargers – and that’s the solution Bayview Condominiums went with.
Low powered charging is a good solution for most
The plus side of this lower power charging is that it can be done for low cost. As mentioned above, this project actually cost the condo complex nothing to install. PCE told us that this was an exceptional case, an easy project with no need to dig trenches or run conduit. It also helps with site design for free, and offers the aforementioned $2k per charger incentive (it also offers incentives for higher-powered charging, but requires cost charing on those projects). Which makes it a bit of a no-brainer for any apartment complex in a similar situation.
Low power charging has become a more popular solution lately for large projects like these lately, as the economics of how cheaply it can be done has really come into focus (and as building codes have changed to accommodate the idea, as happened recently in CA). Each parking spot costs tens of thousands of dollars to build anyway (and even moreso if they’re underground, as is the case at Bayview condos), so a ~$2,000 cost to add EV charging to the spot feels like a drop in the bucket, especially in an EV-heavy area.
Image: GoPowerEV
Low powered charging is also the favored solution of Forth’s Charge at Home program, because of the low cost and the fact that it covers needs for the vast majority of drivers. Exceptions exist, but it’s always possible for people to backfill a little extra charging with a public charger, work charger, or fast DC charging if a level 1 outlet at home isn’t enough.
Compare, for instance, the cost and magnitude of installing a single 350kW DC fast charger. Yes, this can charge a car in as fast as ~16 minutes or so, but 350kW is a lot of power, creates big spikes in demand, and will usually have a cost in the high five figures to low six figures per charging stall.
Meanwhile, Bayview Condominiums’ entire system has a total power of somewhere on the order of 300kW, and cost about a buck a watt to install (<$2k x 143 units). So, for a similar price as about two fast DC chargers, and with similar overall power delivery levels, the complex was able to electrify every single parking spot. That means nobody has to worry about shuffling around and fighting over the one central charger, everyone can just park in their assigned spots and be full in the morning, the ideal no-stress EV ownership experience.
More apartment charging is better for everyone
But a project like this is not just for areas that already have a lot of EVs, because it can help to enable more EVs. Apartment-dwellers don’t have the easiest time charging, and the trouble of having to search for an apartment that has a charger, or having to go charge publicly at higher cost at often-busy fast chargers takes a lot of the fun out of EV ownership.
Image: GoPowerEV
So having a charger already set up in the parking lot means your residents will have a much easier time choosing an EV the next time they look into buying a car. And that’s great for everyone – fewer fumes in your parking structure, better air quality in your local community, and another strike in the fight against climate change.
And EV charging is becoming one of the more in-demand features for apartment buildings, with few buildings serving this need. A building can make itself more attractive by adding something like this, for relatively little cost overall.
Electrek’s Take
These options are more for building managers than renters, but this is just another step towards helping to make charging easier for apartment-dwellers. If you’re looking for more resources for apartment EV charging, either as a owner or a renter, find more on that here.
I’ve long said that the only real problem with EVs is charging for people who don’t have access to their own garage. Whether this be apartment-dwellers, street-parkers or the like, the electric car charging experience is often less-than-ideal outside of single family homes, at least in North America.
There are workarounds available, like charging at work, or using Superchargers in “third places” where you often spend time, but these still aren’t optimal. The best bet is just to charge your car wherever it spends most of its time, which is your home. When you do that, EVs outshine everything in convenience.
Hopefully the more competition we see in this space, and the more big projects like these get off the ground successfully and at low cost, the more we can finally move towards solving the problem of apartment charging once and for all.
And, frankly, we also need legislation/building codes to hop in and require this sort of thing, so it becomes the rule rather than the exception and apartment dwellers can feel secure that they’ll be able to find a place to charge. And the lower install costs get, the more realistic a legislative requirement would be.
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The Austrian Torrent and Avalanche Control Centre has deployed a Liebherr-developed battery energy storage system to power the cranes, offices, and equipment used in the construction of this year’s consolidation barrier – a critical piece of infrastructure designed to keep Austrians safe from avalanches and landslides this winter.
Here’s how it’s going.
“We could have used a diesel generator to power the construction site as we always have before,” explains Nikolaus Wieser, graduate-level engineer and site manager at the Austrian Torrent and Avalanche Control Centre. “However, we also strive to reduce emissions, so we are delighted to be using this innovative Liebherr solution.”
The battery packs in the mobile, battery-based LPO 100 battery energy storage system (BESS) deployed by Avalanche Contol Centre covers the energy needs of both the Liebherr 34 K fast-erecting crane working on the site, among other tools.
With a capacity of 94 kWh, the energy storage system buffers the fixed power connection on site. In addition to powering the crane, it supplies other equipment, such as container units, battery-powered devices, circular saws and a water pump. During the day, the storage system is used to cover the crane’s energy peaks of up to 100 kVA. Only the energy needed is consumed.
Interestingly, the site does have access to grid energy – but it’s insufficient for the peak energy needs of the crane while it’s in operation. So, when the crane isn’t in use, the batteries in the LPO 100 “trickle charge” with grid and solar, then dump the energy quickly, as needed, eliminating the need for a conventional diesel or has genset.
“The installation went well, and the storage system has been up and running ever since,” added Wieser. “That’s how it should be.”
Electrek’s Take
It’s an odd truth in the construction space, but just because you’re working for the utility doesn’t mean you’ll have adequate power (or any power, for that matter) on the job site. That’s why solutions like this one from Liebherr are critical in the long run game of decarbonizing off-highway vehicles and construction projects.
The engineers Austrian Torrent and Avalanche Control Centre has turned this BESS into something like the Orange Juicer, and by cleverly understanding their own power needs and the fact that energy is the ability to do work, they’re able to get that critical work done in quiet, serene, emission-free comfort and go home without having their brains and ears rattled by the constant thrum of diesel engines.
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