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Bitwise to Add HYPE on its Balance Sheet Using ETF-generated Fees, as Zerohash Secures First EMI License Under MiCA Framework

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The decision by Bitwise Asset Management to add HYPE tokens to its corporate balance sheet using fees generated from its Hyperliquid ETF marks another important milestone in the growing convergence between traditional finance and decentralized finance.

The move demonstrates how crypto-native financial ecosystems are beginning to influence the treasury strategies of institutional asset managers, while also highlighting the increasing legitimacy of onchain trading infrastructure such as Hyperliquid. Bitwise has already established itself as one of the leading institutional players in the digital asset industry through its crypto index funds and spot Bitcoin ETF products.

By choosing to allocate ETF-generated revenue toward accumulating HYPE, the native token of the Hyperliquid ecosystem, the firm is signaling strong long-term confidence in decentralized derivatives markets and the infrastructure supporting them. Hyperliquid has rapidly emerged as one of the most influential decentralized perpetual futures exchanges in crypto.

Unlike many earlier decentralized exchanges that struggled with liquidity fragmentation, slow execution speeds, or limited user experience, Hyperliquid built an ecosystem focused on high-performance trading. Its ability to attract substantial daily trading volumes has made it one of the standout DeFi protocols of the current cycle.

The HYPE token plays a central role in governance, ecosystem incentives, and network participation, making it a strategic asset for institutions seeking exposure to decentralized trading infrastructure. The significance of Bitwise’s strategy extends beyond the simple purchase of tokens. Traditionally, ETF management fees are treated as operational revenue or distributed toward company growth initiatives.

Redirecting part of those proceeds into a crypto treasury asset creates a hybrid model that resembles how some corporations accumulated Bitcoin during previous market cycles. However, instead of focusing solely on Bitcoin as a reserve asset, Bitwise is effectively making a bet on the growth of decentralized finance infrastructure itself.

If Hyperliquid continues gaining market share in derivatives trading, the HYPE token could benefit from increased utility, governance relevance, and ecosystem demand. By accumulating the token early through recurring fee allocations, Bitwise may position itself to benefit from both capital appreciation and deeper strategic alignment with the protocol’s future development.

The move also reflects a larger trend in crypto markets where institutional firms are no longer limiting exposure to only Bitcoin and Ethereum. Increasingly, attention is shifting toward infrastructure projects generating real usage, fees, and network activity.

DeFi protocols with sustainable revenue models are beginning to resemble traditional financial platforms, but with transparent onchain mechanics and globally accessible participation. Hyperliquid’s growth has positioned it as one of the clearest examples of this evolution. Bitwise’s decision may strengthen investor confidence in the Hyperliquid ecosystem itself.

Institutional treasury accumulation often acts as a powerful market signal, especially when it comes from firms managing regulated investment products. Such actions can encourage broader market participation while reinforcing perceptions that decentralized trading platforms are becoming durable components of the future financial system.

Bitwise adding HYPE to its balance sheet using ETF-generated fees represents more than a treasury allocation decision. It symbolizes the merging of institutional capital, exchange-traded products, and decentralized financial infrastructure into a single evolving ecosystem. As crypto markets mature, strategies like this may become increasingly common, reshaping how both asset managers and blockchain protocols interact in the years ahead.

Zerohash Secures First EMI License Under MiCA Framework

The granting of the first Electronic Money Institution (EMI) license under the Markets in Crypto-Assets Regulation (MiCA) to Zerohash marks a structural milestone in Europe’s evolving digital asset architecture. It signals not just regulatory approval for a single firm, but the operational activation of MiCA’s long-anticipated framework for stablecoin issuance, custody, and brokerage services across the European Economic Area.

MiCA, the European Union’s flagship crypto regulatory regime, was designed to replace fragmented national rules with a harmonized compliance standard covering stablecoins, trading venues, custodians, and service providers. By granting EMI authorization, regulators effectively position Zerohash as a regulated bridge between traditional electronic money systems and crypto-native settlement infrastructure.

For Zerohash, the license represents an expansion from a primarily institutional crypto infrastructure provider into a fully regulated European payments and brokerage participant. EMI status enables the firm to issue and manage fiat-linked digital representations, facilitate stablecoin settlement flows, and provide brokerage rails under a unified compliance perimeter.

In practice, this allows regulated conversion between fiat euros and stablecoins, alongside integrated custody and transaction routing. The significance lies in what MiCA is attempting to solve: regulatory fragmentation that previously forced crypto firms to navigate divergent national licensing regimes across France, Germany, the Netherlands, and other EU jurisdictions. Under MiCA, a single authorization enables passporting across member states.

Zerohash’s EMI license therefore functions as a scalable entry point into the entire European market rather than a localized approval. From a market structure perspective, the approval strengthens the institutionalization of stablecoin infrastructure in Europe.

Stablecoins are increasingly positioned not as speculative crypto instruments, but as settlement assets for cross-border payments, tokenized securities, and onchain treasury management. With EMI status, Zerohash can integrate stablecoin rails directly into brokerage and custody services, reducing friction between traditional finance systems and decentralized finance liquidity layers.

This development also reflects a broader policy shift within the European Union toward controlled financial digitization rather than prohibition or laissez-faire experimentation. Regulators are effectively building a permissioned interoperability layer where crypto firms operate under banking-like constraints but retain blockchain-native efficiency. EMI licensing sits at the center of this model, functioning as the regulatory gateway for stablecoin circulation.

For financial institutions, the implications are equally material. Banks, fintechs, and asset managers operating in Europe gain a compliant counterparty for stablecoin settlement and brokerage execution. This reduces counterparty risk concerns that previously limited institutional participation in crypto markets. It also accelerates the integration of tokenized money markets and real-world asset (RWA) settlement systems, both of which depend on regulated fiat-stablecoin interoperability.

At a macro level, Zerohash’s authorization under MiCA highlights Europe’s ambition to compete in the global digital asset regulatory race alongside the United States and Asia.

While the U.S. continues to rely on overlapping federal and state frameworks, and Asian jurisdictions vary between open innovation hubs and restrictive regimes, the EU is attempting a unified licensing architecture that can scale across 27 member states. The EMI license is less about a single company and more about the maturation of crypto into regulated financial infrastructure.

For Zerohash, it unlocks a regulated European growth corridor. For MiCA, it validates the framework’s ability to transition from legislation to operational market infrastructure. And for the broader financial system, it accelerates the convergence of stablecoins, brokerage services, and tokenized settlement into a single regulated stack.

Baccarat terms and slang: A complete glossary for all players

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If you want to play baccarat like a true professional, you need to know the technical terms. Of course, understanding strategies plays an important role in your game – but slang is just as important. Once you have mastered the baccarat-specific terms (such as „What does monkey actually mean in baccarat?“), You can bet with more confidence and avoid embarrassing situations where you don’t understand what others are talking about.

By the way: This baccarat glossary is also used by native English speakers, as the game includes terms from French, Italian, Spanish, etc. Although the game is simple and easy to understand, knowing the slang and expressions of experienced players will help you tremendously, so you can easily participate in their game rounds and feel like a pro at Bizzo Casino.

That’s why our baccarat training team invites you to study the glossary before you sit down at the gaming table – because you are very likely to encounter these terms. You might even encounter some of them while playing in the casinos on our Baccarat Casino page. So, let’s put the cards on the table!

List of Baccarat terms

Before we dive into all the baccarat slang, you should know that the terms can be divided into several groups. So let’s take a look at each one of them.

Types of stakes in the game

Banker Bet: One of three possible baccarat bets with a 1:1 payout. She doesn’t stand for the casino or the dealer.

Player bet: The opposite of the banker bet. She has a house edge of over 1% and also a payout of 1:1.

Tie Bet (Tie Bet): One of the three baccarat bets that pays out 8-1 or 9-1. In the event of a draw, the player and banker get their stake back.

Cheval (cross bet): This term comes from French and means „across“. It is a bet type that will only be won if you and another active player win the bet. If only one wins, it is considered a draw, and the Cheval bet remains.

Dragon Bonus: A side bet where you bet on the score of your chosen hand. You win when the hand is 8 or 9 points ahead or at least 4 points ahead.

Loss Bet: A bet against the bank with a higher house edge.

Match Play (Double Bet): Baccarat promotions where you can double your real money bet without increasing your own bet. Used by casinos to attract players.

Push (push bet or draw without decision): A bet that advances to the next round, with no win or loss.

Run (follow-up bet): The name of a side bet that bets on consecutive hands.

Flat Bet (Fixed Bet): Also known as flat betting – means you always bet the same amount, regardless of whether you win or lose.

Card and hand values

Zero: The worst combination in the game – consisting of jacks, queens, kings and tens.

Down Card (Hidden Card): A card dealt face down that is only revealed at a certain point in time. You can adjust your bets depending on this card as it can affect the final result.

Edge sorting (edge marking): A method in which you try to recognize the cards based on small differences in the spine of the card. However, you cannot use Edge Sorting in online baccarat.

Upcard: A card that is open on the table.

Natural: If your first two cards add up to 8 or 9 points, it is called one „Natural“. The round ends automatically unless the other hand also has a natural 9.

Picture cards: All cards with a portrait, i.e. Jack, Queen and King.

Monkey: The term „Monkey“ in Baccarat refers to Jack, Queen, and King – they all have the value 0.

La Grande: The best possible hand in baccarat (Natural 9). The term comes from French and literally means „the great one“.

La Petite: Or Natural 8 – also from French, means „the small one“.

Hand: The cards you receive and play with in a baccarat round.

Muck: Slang term for the eight 52-card decks shuffled at the beginning of the game.

The CISO’s Burden: How Advanced AI Is Creating a Perfect Storm for Cybersecurity Leaders

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The Chief Information Security Officer (CISO) has emerged as one of the most demanding and strategically critical roles in business today. Once a largely technical function focused on firewalls, patches, and compliance, the position now sits at the intersection of rapid technological disruption, geopolitical tension, and board-level accountability.

According to a Business Insider report, the accelerating capabilities of advanced AI models have transformed the threat landscape, turning what was already a high-stakes job into something closer to a constant crisis management role.

This spring, the release of Anthropic’s Mythos and OpenAI’s GPT-5.5 models sent shockwaves through the security community. These systems demonstrated an alarming ability to discover severe vulnerabilities, some overlooked by human experts for more than a decade, and, in controlled tests, exploit major operating systems and web browsers.

The revelations have forced CISOs to confront a new reality that AI is not just amplifying existing threats but creating entirely new categories of risk at a pace that outstrips traditional defense mechanisms.

The Compounding Vulnerabilities of the AI Coding Era

Several structural shifts have intensified the pressure. Organizations are relying more heavily on third-party and open-source code libraries than ever before, creating dense webs of dependencies where a single flaw can propagate rapidly.

Simultaneously, AI-powered coding assistants have supercharged developer productivity, enabling teams to generate millions of lines of code at unprecedented speed. While this drives innovation, it often comes at the expense of rigorous security review, according to experts who spoke to BI.

Isaac Evans, CEO of Semgrep, a widely used code security platform, captured the growing unease. He said: “Everyone’s predicting that there will be a lot more hacking this year.”

His team recently discovered two vulnerabilities in their own codebase that originated from Anthropic’s Claude. Evans warned that scaling code output by a factor of ten through AI tools could realistically produce a proportional, or exponentially worse, increase in vulnerabilities if human oversight fails to scale accordingly.

Feross Aboukhadijeh, CEO of Socket, described the current environment as a “perfect storm.” Developers are spending less time scrutinizing AI-generated code, while the explosion in open-source library usage means vulnerabilities can spread virally across thousands of organizations.

“The vulnerability surface of all software is expanding really quickly,” Aboukhadijeh said.

The “Mythos Moment” and Its Aftershocks

The tension reached a boiling point on April 7 with what insiders now call the “Mythos Moment.” Anthropic disclosed that its new model had uncovered thousands of critical vulnerabilities and demonstrated the ability to chain exploits across major systems. Rather than releasing it broadly, the company restricted access to trusted partners, giving defenders a critical head start.

Anthropic’s own assessment was sobering: “Ultimately, it’s about to become very difficult for the security community,” it announced.

The announcement triggered immediate responses at the highest levels. The Trump administration initiated discussions on formal review processes for powerful new AI models. In the UK, government officials issued a pointed open letter to businesses, urging boards to treat cyber risk as a standing agenda item rather than something delegated to IT departments.

Real-world testing validated the concerns. Mozilla’s team reported that Mythos helped them identify and remediate more bugs in a short period than in the entire previous year. Researchers at security firm Calif used the model to discover and chain vulnerabilities in macOS, raising questions about the long-term security of even the most hardened systems.

Major cybersecurity firms have responded with urgency. CrowdStrike, Palo Alto Networks, and Fortinet have all issued warnings about Frontier AI’s dual-use potential while accelerating their own integration of defensive AI tools. Partnerships between AI labs and security companies are proliferating, as both sides recognize that collaboration is essential.

Manoj Nair, who leads emerging technologies at Snyk, described the current environment for CISOs as living in “AI fog” — a disorienting state where the same technologies creating novel threats are simultaneously being recruited as powerful defensive allies.

Logan Graham, head of Anthropic’s frontier red team, emphasized the shared responsibility, saying: “Security is always a team sport.”

Implications for Boards and the Future of Cybersecurity

The convergence of these trends is forcing a fundamental evolution in how organizations approach security. CISOs are no longer just technical guardians — they are now key strategic advisors influencing business strategy, investment decisions, and even corporate governance. Boards that previously treated cybersecurity as a compliance checkbox are now being compelled to engage at a deeper level, recognizing the potential for existential operational, reputational, and financial damage.

A major breach facilitated by advanced AI could result in billions in losses, regulatory penalties, and long-term brand erosion, making the economic stakes enormous. At the same time, companies that successfully integrate AI into their defense posture may gain significant competitive advantages through faster threat detection, automated remediation, and more resilient architectures.

Looking ahead, the industry faces a critical juncture. The speed and scale of AI development are likely to widen the gap between sophisticated attackers and under-resourced defenders. Success will depend on several factors: deeper public-private collaboration, substantial investment in AI-native security tools, cultural shifts toward “security by design” in software development, and clearer regulatory frameworks that balance innovation with protection.

For today’s CISOs, the mandate is clear and daunting: stay ahead of adversaries who are increasingly augmented by powerful AI while managing the very same technology within their own environments. The “Mythos Moment” may ultimately be remembered not as a singular event, but as the beginning of a new, more dangerous, and more intellectually demanding chapter in cybersecurity — one where the line between offense and defense continues to blur at accelerating speed.

Organizations that treat this moment as a wake-up call rather than a temporary disruption will be far better positioned to navigate the AI-driven threat landscape of the coming decade.

China’s Economic Momentum Loses Steam in April as Weak Domestic Demand and Energy Shock Weigh on Growth

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China’s economic growth showed clear signs of losing steam in April, with industrial production cooling sharply, retail sales plunging to their weakest pace in over three years, and fixed-asset investment contracting as the world’s second-largest economy struggles with subdued consumer confidence, a protracted property downturn, and rising external pressures from the Iran conflict.

The latest data from the National Bureau of Statistics, released on Monday, highlighted the uneven and fragile nature of China’s post-pandemic rebound. While exports provided some support, domestic demand remained soft, underscoring deep structural challenges that could complicate Beijing’s efforts to achieve stable growth this year.

Disappointing April Readings

Industrial Output: Grew 4.1% year-on-year, missing forecasts of 5.9% and marking the weakest expansion since July 2023.

Retail Sales: Rose just 0.2%, down sharply from 1.7% in March and the slowest since December 2022.

Fixed-Asset Investment: Contracted 1.6% in the first four months, reversing a 1.7% gain in Q1.

Unemployment Rate: Eased slightly to 5.2% from 5.4%.

Domestic car sales offered a stark illustration of consumer caution, falling 21.6% year-on-year for the seventh straight month despite aggressive overseas pushes by Chinese automakers.

Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, captured the dynamic well.

“The strong performance of the exporters helped to mitigate the weaknesses in domestic demand, but not enough to fully offset it,” he said.

A Two-Speed Economy Takes Shape

Economists pointed to a clear divergence: export-oriented manufacturing, particularly in AI-related components and sectors stockpiling amid global uncertainty, showed resilience. In contrast, household consumption stayed fragile. Spending was concentrated in selective “upgraded” categories, small lifestyle improvements, tech gadgets, and discretionary items — while big-ticket purchases tied to housing, autos, and credit remained depressed.

Yuhan Zhang, principal economist at the Conference Board’s China Center, noted: “Retail sales growth in the first four months of 2026 points to still-weak household demand, with consumers concentrating spending on selective discretionary and upgrade categories rather than broad-based consumption.”

The property sector, long a key pillar of growth, continued to act as a drag. Property investment contraction widened in April, though new home prices fell at the slowest monthly pace in a year, hinting at tentative stabilization from local government measures aimed at boosting sales and restoring confidence.

Higher global energy prices linked to the Iran war have introduced fresh external risks. While domestic fuel pricing controls have shielded consumers from the full brunt of the shock, sustained elevated input costs threaten to squeeze already thin factory margins and further restrain spending if the conflict persists.

This comes as China’s first-quarter GDP growth of 5.0% sat at the upper end of the government’s full-year target range of 4.5–5.0%, but April’s data suggests that momentum is already fading. Beijing has so far shown limited appetite for large-scale stimulus, preferring targeted support.

However, ING’s chief China economist Lynn Song warned: “Weaker growth and rising inflation could complicate policymaking in the coming months. We’ve seen limited urgency for stimulus so far this year, but if data continue to deteriorate, this could change soon.”

Most analysts expect policymakers to maintain a wait-and-see approach until second-quarter GDP figures are released in July.

Chinese stocks largely shrugged off the weak data, remaining broadly flat as investor focus shifted to escalating Middle East tensions and global bond market volatility. The subdued April readings reinforce concerns that China’s recovery remains patchy and highly vulnerable to both domestic structural issues (high debt levels, property deleveraging, and weak private sector confidence) and global shocks.

The Trump-Xi summit delivered modest progress on agricultural trade and market access but fell short of delivering major breakthroughs. In response, Chinese leaders have intensified calls for energy security, technological self-reliance, and greater control over critical supply chains.

Longer term, the data highlights persistent structural challenges: a property sector that has yet to bottom out, weak private investment, demographic headwinds, and an ongoing shift from investment-led to consumption-driven growth that has proven difficult to engineer.

For the global economy, analysts predict a softer Chinese landing could mean reduced demand for commodities, slower growth in Asian supply chains, and less upward pressure on inflation. However, if Beijing eventually unleashes more aggressive stimulus, it could provide a tailwind for global risk assets and raw materials.

Tim Walz Signs Legislation Authorizing Banks and Credit Unions to Offer Bitcoin Custody Services in Minnesota

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The decision by the state of Minnesota Governor to sign legislation authorizing banks and credit unions to offer Bitcoin custody services represents a notable inflection point in the gradual convergence of traditional financial infrastructure with digital asset markets.

The law formalizes the ability of regulated depository institutions to securely hold Bitcoin on behalf of customers, bringing a previously fragmented and often unregulated service into the supervisory perimeter of state banking regulation. Bitcoin custody is not a new concept, but its institutionalization through state-backed banking channels signals a shift in how digital assets are perceived within mainstream finance.

Historically, custody of Bitcoin has been dominated by specialized crypto-native firms, exchanges, and self-custody solutions using hardware wallets. While these mechanisms offered flexibility and innovation, they also introduced operational risks, including private key mismanagement, exchange insolvencies, and inconsistent regulatory oversight.

By contrast, banks and credit unions operate under stringent capital, compliance, and audit requirements, making them attractive custodians for risk-averse investors and institutions. The new legal framework in Minnesota enables these institutions to integrate Bitcoin custody into their existing service offerings, potentially alongside traditional assets such as cash deposits, securities, and retirement accounts.

This integration may reduce friction for customers seeking diversified exposure to digital assets without leaving the regulated banking ecosystem. It also aligns with a broader trend in which financial institutions are increasingly expected to support hybrid portfolios that blend traditional and digital instruments.

From a policy perspective, the legislation reflects an evolving regulatory stance that distinguishes between speculative crypto trading and secure asset safekeeping. Rather than attempting to restrict Bitcoin’s role in the financial system, lawmakers are instead focusing on channeling its usage through trusted intermediaries.

This approach is consistent with a wider institutional narrative that prioritizes consumer protection, systemic stability, and anti-money laundering compliance while acknowledging the permanence of digital assets in global markets. For banks and credit unions, the opportunity is twofold. First, Bitcoin custody services can generate new fee-based revenue streams in an environment where traditional interest margins remain compressed.

Second, offering digital asset services enhances competitiveness, particularly as fintech firms and crypto-native platforms continue to attract younger, digitally fluent customers. However, this expansion also introduces new operational challenges, including cybersecurity requirements, key management infrastructure, and regulatory reporting obligations.

The implications extend beyond Minnesota’s borders. State-level experimentation with Bitcoin custody laws may influence other jurisdictions as they evaluate their own frameworks for digital asset integration. If successful, the model could accelerate the normalization of Bitcoin within federally regulated financial institutions, potentially laying groundwork for broader national standards.

At a macro level, the legislation underscores a deeper structural shift: Bitcoin is no longer being treated solely as a speculative or alternative asset, but increasingly as a custodial instrument requiring institutional-grade safeguards. As traditional financial actors absorb these functions, the boundary between crypto-native systems and legacy banking continues to blur.

Minnesota’s move reflects a pragmatic response to market demand. Customers already hold Bitcoin; the question is no longer whether it should exist within the financial system, but how it should be safely stored, regulated, and integrated.