TLDR

MARKET RECAP → On Tuesday, stocks climbed as the Federal Reserve commenced its two-day policy discussion. Meanwhile, traders closely monitored Nvidia (NVDA) following product updates from the tech heavyweight on Monday. Speaking of big tech, the top 10% of the S&P 500 (VOO) represents about 75% of the entire market. Said another way, big tech is the stock market (see more).

GBTC FEES TO DROP→ 🔍 Amid a $12 billion outflow, Grayscale's CEO vows to lower GBTC fees over time, exploring innovative, cost-effective access like a "mini" ETF, while diversifying into other crypto products amidst competitive pressure.

LUCAS RALLIES FOR IGER → 🌌 George Lucas, Disney's (DIS) top individual shareholder, throws his weight behind CEO Bob Iger against Nelson Peltz's proxy challenge, underscoring Iger's leadership as key to Disney's future amidst strategic overhauls and industry endorsements.

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TODAY’S TOP NEWS

GBTC Fees to Drop

📉 Fee Reduction Promised: Grayscale CEO Michael Sonnenshein announced that fees for the Grayscale Bitcoin Trust ETF (GBTC) will decrease over time, following a $12 billion outflow and the ETF's conversion in early January. This move aims to align GBTC's fees with the maturing crypto ETF market, despite its current 1.5% management fee being higher than many competitors.

💼 Strategic Adjustments: Amidst significant outflows and competition, Grayscale defends its higher fees by highlighting GBTC's liquidity and track record. However, the firm is exploring innovative ways to offer investors cost-effective access to its bitcoin (BTC) ETF, including a proposed "mini" version with a substantially lower fee.

🚀 Future Focus: Beyond fee adjustments, Grayscale is broadening its investment product range to include other cryptocurrencies like ether and solana, while awaiting SEC approval for its Ethereum Trust conversion into an ETF, signaling a strategic pivot to diversify offerings and reduce investor costs.

TODAY’S TOP NEWS

Lucas Rallies for Iger

🎥 Hollywood's Heavyweight Support: George Lucas, the largest individual Disney (DIS) shareholder, publicly backed CEO Bob Iger in the proxy fight against Nelson Peltz, emphasizing Iger's unparalleled understanding of Disney's magic and his proven track record in driving long-term value.

🛡 Strategic Endorsements: Lucas's endorsement, significant due to his status in Hollywood and as Disney's top individual investor, joins a chorus of high-profile support for Iger, including from the Disney family heirs and JPMorgan (JPM) CEO Jamie Dimon, highlighting the broad confidence in Iger's leadership.

🏰 Disney's Direction Under Iger: Amidst the proxy battle, Iger focuses on streamlining Disney to curb spending and boost Disney+ profitability, including implementing broad restructuring and layoffs, contrasting with Peltz's push for board seats and a revamp of Disney's traditional TV channels.

KEEP READING

Cloud software buyers are getting frugal, leading to slower growth at former highfliers (CNBC)

China’s BYD pushes into emerging markets amid policy uncertainty in the U.S., Europe (CNBC)

Top U.S. congressional Republican and Democrat say a deal has been reached on spending (CNBC)

UnitedHealth Group has paid more than $2 billion to providers following cyberattack (CNBC)

The Bank of Japan just made a historic rate pivot. Here’s what could happen next (CNBC)

He predicted the ’08 crash. Now he’s betting AI will turbocharge the US economy (CNN)

Sephora’s North America CEO escaped a violent revolution and grew up in foster care. She’s now one of the most powerful women in beauty (Fortune)

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OUR FAVORITE TOOLS & RESOURCES

• The Market Ear — Live news, analysis and commentary on what moves markets and trading

• Coinmarketcap.com — Crypto market data

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• Dataroma — Track stock picks and portfolios of legendary value investors such as Warren Buffett

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• Notion AI — Notion AI is a writing assistant that can help you write, brainstorm, edit, summarize, and more

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