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TradeXYZ Launches Pre-IPO Perpetuals – “The Defiant”

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IPOP markets reference anticipated public equity, convert to standard perps once shares list, and settle by TWAP if the listing fails.

Hyperliquid-based perpetuals platform TradeXYZ on Friday launched Pre-IPO Perpetuals (IPOP), a new contract type designed to enable continuous price discovery for companies in the weeks leading up to a public listing.

According to the platform’s documentation, IPOP markets are cash-settled perpetuals that reference a company’s anticipated public equity, trade on share price rather than market capitalization, and are expected to convert into standard externally-priced perps once the underlying company lists and there is sufficient market data to support oracle pricing.

The first IPOP market is Cerebras (CBRS), the wafer-scale AI chipmaker that filed its public S-1 with the SEC on April 17 and is targeting a mid-May Nasdaq debut. The CBRS contract launched today with an Outside Launch Date of May 30 and a 60-day Settlement Period running through July 30. If Cerebras lists by May 30, the market converts to a standard CBRS perp. If not, settlement defaults to a time-weighted average of the IPOP price across the market’s full lifespan.

TradeXYZ said the contracts are not shares, IPO allocations, or tokenized equity, and confer no ownership, voting, or dividend rights. Pricing uses a Hyperp-style mechanism that replaces an external oracle with a market-derived reference price, with funding calculations based on a 30-minute exponentially weighted moving average of the previous day’s minutely mark prices.

The launch extends TradeXYZ’s push into on-chain real-world asset (RWA) exposure. The platform secured a license from S&P Dow Jones Indices in March to launch the first officially sanctioned S&P 500 perpetual.

TradeXYZ flagged risks specific to IPOP markets in a separate disclaimer, including the possibility of step changes in mark price at conversion that could trigger liquidations on positions near maintenance margin, alternative settlement methodologies in cases of acquisition or material adverse events, and the prospect of foreign listings or business combinations being treated as conversion or settlement triggers.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

Qolo Expands Partnership with KeyBank to Launch a New Virtual Commercial Card Program

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WHY THIS MATTERS

The expansion of the partnership between Qolo and KeyBank to launch Key Virtual Card (KeyVC) addresses a significant pain point in corporate treasury: the fragmentation of payment systems. Historically, businesses have had to jump between separate platforms to manage virtual card spending and traditional cash management. By embedding virtual card issuance directly into KeyBank’s Virtual Account Management (KeyVAM) platform, this integration allows commercial clients to treat virtual cards as a native treasury tool. This is particularly vital in 2026, as middle-market and institutional firms face increasing pressure to automate accounts payable and improve the “velocity” of their working capital.

From a security and oversight perspective, this move shifts virtual cards from a niche payment method to a core component of controlled spending. Qolo’s infrastructure provides the back end for fraud monitoring and chargeback support, ensuring that as businesses scale their use of virtual cards, they do not increase their operational risk. For KeyBank, leveraging a fintech partner like Qolo allows it to deploy high-tech commercial card features much faster than building in house, helping it compete with both traditional megabanks and emerging B2B “spend management” unicorns.

Qolo, a leading fintech provider of modern treasury solutions, announced an expanded partnership with KeyBank with the launch of Key Virtual Card (KeyVC), a new virtual commercial card program that helps businesses more easily manage and track payments. The new offering allows KeyBank’s commercial clients to create and manage virtual cards directly within Key’s Virtual Account Management platform (KeyVAM). By bringing virtual cards into the same system clients already use for treasury and cash management, the program helps businesses pay suppliers more efficiently while maintaining stronger oversight of spending and reconciliation.

Qolo and KeyBank have had a multi-year partnership, with KeyVAM launching in 2024. Through the expansion of this partnership, Qolo provides the behind‑the‑scenes technology that enables KeyBank to issue and process virtual commercial cards, including support for fraud monitoring, disputes, and chargebacks. 

“Commercial clients are increasingly looking for simpler and more controlled ways to manage payments.” said John Withrow, Head of Commercial Cards at KeyBank. “By expanding our partnership with Qolo, we’re making virtual cards easier to use within our existing treasury platforms, helping clients streamline accounts payable, improve visibility, and maintain better control over how and when money is spent.”

“Managing commercial payments can be complex, often requiring businesses to juggle multiple systems and reporting processes. KeyVC is designed to reduce that complexity by allowing clients to use virtual cards alongside other treasury tools, with consistent reporting and simplified reconciliation across payment types. Businesses want payment tools that fit naturally into how they already operate,” said Rouzbeh Rotabi, Chief Operating Officer at Qolo. “Working with KeyBank, we’ve built a virtual card solution that feels like a seamless part of the treasury environment – giving finance teams more flexibility, stronger controls, and clearer insight into their spending.”

The virtual commercial card offering will be available to KeyBank’s clients across the bank’s Middle Market and Institutional Banking segments.

FF NEWS TAKE

The launch of KeyVC highlights the ongoing evolution of “embedded treasury,” where the lines between a traditional bank account and an agile fintech platform continue to blur. Qolo is effectively acting as the high-speed engine inside KeyBank’s established banking chassis, allowing the bank to offer “fintech-speed” card issuance while maintaining its status as a trusted, regulated custodian. This “platform-within-a-platform” model is the future of commercial banking, as it allows legacy institutions to offer a unified user experience that keeps clients from moving their payment volume to third-party digital wallets.

However, the real test for KeyVC will be the depth of its “consistent reporting” promise. As finance teams move away from manual reconciliation, the ability to see virtual card data in real time alongside ACH and wire transfers within KeyVAM will be the primary differentiator. If Qolo can ensure that these diverse data streams are truly synchronized, it will solve one of the biggest headaches for CFOs: the month-end “reconciliation lag.” For Qolo, this expanded partnership cements its position as a critical infrastructure layer for the banking industry, moving beyond simple processing to become a holistic enabler of modern commercial finance.

Aave Deposits on MegaETH Cross $575M as Post-TGE Liquidity Pours In

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MegaETH’s DeFi TVL has doubled since Thursday’s MEGA token launch, with USDM and Terminal Points farming pulling in fresh capital.

Aave’s deposits on MegaETH crossed $575 million on Friday as capital continued flowing into the Ethereum Layer 2 network a day after its long-awaited MEGA token launch.

The figure represents a sharp jump from the roughly $355 million in total DeFi deposits MegaETH hosted at the time of the TGE on Thursday, when Aave already accounted for the bulk of the network’s total value locked (TVL).

MegaETH, which markets itself as a “real-time” blockchain capable of more than 100,000 transactions per second with sub-10 millisecond block times, launched its mainnet on Feb. 9 with Aave deployed on day one. As part of that arrangement, MegaETH committed to a five-year revenue guarantee of at least $10 million to the Aave DAO.

The Aave market on MegaETH revolves primarily around USDM, the network’s native stablecoin built with Ethena and backed by USDtb. Yield generated on USDM flows back to the MegaETH Foundation, which uses it to buy back MEGA, tying lending activity directly to the token’s economics.

Capital inflows have accelerated alongside MegaETH’s Terminal Points season, an eight-week campaign that opened on April 28 and runs through June 23, rewarding users for depositing into and using ecosystem apps.

MEGA opened trading at around $0.22 on Thursday before falling roughly 30% to $0.15 in early price discovery, well below the $6 billion fully diluted valuation its pre-market perpetuals notched on Hyperliquid last October.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

KnowBe4 Taps Flywire to Transform Global Invoice-to-Cash Operations

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Global payments enablement and software company Flywire Corporation has entered into a new strategic partnership with KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform. KnowBe4 has selected Flywire as its preferred partner for global accounts receivable (A/R) and international payments.

The newly signed three-year agreement will provide KnowBe4 with an invoicing and payments solution tailored for enterprise-scale needs. The cybersecurity firm, which currently serves over 70,000 organizations worldwide, has committed millions of dollars in annual payment volume through the Flywire platform.

Scaling operations and ditching legacy providers

As KnowBe4 continues its rapid global expansion, the company required a robust, scalable solution to replace legacy payment providers and streamline its complex cross-border workflows. By combining Flywire’s invoice-to-cash software with its proprietary global payments network, KnowBe4 can now automate its entire invoice-to-cash lifecycle for customers across hundreds of countries.

The integrated offering is expected to provide the cybersecurity platform with several core operational upgrades:

  • End-to-End A/R Automation: The integration will streamline billing, collections, and payment processing within a single platform. This automation is expected to drive significant back-office efficiency gains, reducing the time spent on manual reconciliation by approximately 95 per cent.
  • Global Reach and Reduced Transaction Costs: KnowBe4 will gain the ability to accept and settle payments in over 140 local currencies across more than 240 countries and territories. By utilizing local processing capabilities, KnowBe4 expects to capture millions of dollars in potential savings by optimizing exchange rates and reducing global transaction fees.
  • Accelerated Revenue: A single, robust integration into KnowBe4’s system of record will eliminate the technical burden of maintaining multiple different payment providers. This “future-proof” approach is designed to reduce Days Sales Outstanding (DSO), improve cash flow predictability, and deliver significant IT resource savings.
Transforming payments into a growth enabler
Vlad Kaplunsky, VP of tax & treasury at KnowBe4

Vlad Kaplunsky, VP of tax & treasury at KnowBe4, emphasized the importance of modernizing the back office to fuel long-term expansion.

“As KnowBe4 continues to expand its footprint around the world, we required a sophisticated payments partner that could scale alongside our global operations,” Kaplunsky stated. “By integrating with Flywire, we are not only providing our international customers with a more seamless and localized payment experience, we are also driving significant value by automating complex back-office workflows. This partnership allows our teams to move away from manual reconciliation and focus on the strategic initiatives that will fuel our long-term growth.”

Ryan Frere, EVP and GM of B2B at Flywire

Yuneeb Khan, chief financial officer at KnowBe4, echoed this sentiment, calling the partnership a “critical milestone in strengthening our international finance operations as we expand our global footprint”.

Ryan Frere, EVP and GM of B2B at Flywire, noted that KnowBe4 represents the exact kind of high-growth technology leader that Flywire’s infrastructure was built to support.

“Their finance team was managing an increasingly complex web of cross-border payments, manual reconciliation, and disparate systems – all while trying to scale rapidly across new markets,” Frere explained. “We’re giving KnowBe4 the infrastructure to get paid faster, reduce operational drag, and deliver a better experience to their customers worldwide. This is what it looks like when payments stop being a bottleneck and start being a growth enabler.”

Bitcoin Demand, Spot And Institutional Flows Increase As Bulls Chase $80K

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Several Bitcoin (BTC) data points suggest that $80,000 is the next destination for the cryptocurrency. Bitcoin gained 2.52% to trade above $78,800 on Friday after holding support at the 100-day exponential moving average. Spot market buy volumes also strengthened while the cumulative volume delta (CVD) reached 11,500 BTC, its highest level since Feb. 17. 

BTC futures activity is picking up, with the open interest rising 6.64% to 257,000 BTC, indicating fresh positioning.

Bitcoin’s daily trend recovery shows fresh positioning

Bitcoin rebounded from its 100-day exponential moving average (100-EMA) after retesting the daily trend over the past two days. The move lifted the price by 2.52% to $78,800 on Friday, holding the short-term uptrend intact.

The 100-day EMA, currently acting as dynamic support on the daily chart, suggests that the higher time-frame chart remains bullish. 

BTC/USDT on the one-day chart. Source: Cointelegraph/TradingView

The spot demand is strengthening at the same time. The spot cumulative volume delta (CVD), which tracks net buying versus selling, reached 11,500 BTC, a new high since Feb. 17. This indicates buyers are absorbing the supply during the recent dip. 

Derivatives positioning is expanding in tandem with price, pointing to fresh participation. The aggregated open interest has risen 6.64% to 257,000 BTC over the past 24 hours, indicating new positions are being added as Bitcoin consolidates below $80,000. 

BTC price, spot, and futures CVD. Source: Velo

This follows a recent leverage flush of roughly 9,000 BTC, suggesting that excess positioning has been cleared as the leveraged market rebuilds. 

The futures CVD adds further context. Futures volume has recovered to 98,300 BTC, signaling a return of net buying pressure. However, it remains below the levels seen during the April 27 correction, suggesting trader positioning is still developing. 

At the same time, liquidity continues to cluster in the $78,000–$80,000 range, with $2.1 billion in short positions at risk, which could lead to a short squeeze near the key level.

Bitcoin liquidation heatmap. Source: CoinGlass

Related: Bitcoin ETFs draw $2B in April for highest monthly inflows this year

BTC demand from institutions tightens the available supply

BTC institutional activity continues to lean supportive. The 30-day change in OTC desk balances has fallen to around -20,700 BTC, matching levels last seen in March 2025. The lower balances indicate BTC moving off desks, reducing the immediately available supply.

Bitcoin: Total OTC desk balance. Source: CryptoQuant

The exchange-traded fund (ETF) flows show a similar pattern. With ETF flows reaching $1.97 billion in April. Bitcoin research newsletter Ecoinometrics noted a nine-day streak of inflows, the longest in 2026.

Ecoinometrics explained that while the pace of inflows is moderate, the consistency has improved, adding, 

“The last time flows showed this kind of persistence was right before the October 2025 peak. Not saying we’re there yet, but it tells you the direction is improving.”

The near-term focus is on how long flows sustain themselves and whether liquidity above $80,000 thins as spot, futures, and institutional participation increase.

ETF inflow streak improves for Bitcoin. Source: Ecoinometrics/X

Related: Bitcoin’s $75K cost basis emerges as key support zone for current bull trend

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

Regional Openness and the Shift to Cloud Processing

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At the Money 20/20 Asia event in Bangkok, the focus on the evolving APAC financial landscape centered on the increasing “opening up” of the region. Suresh Vaghjiani, CEO and Founder of CLOWD9, discussed how governments that were historically inward-facing and protective of their banking industries are now embracing a more open approach. This shift is exemplified by countries like Thailand, which has become one of the first in the area to offer new banking licenses, triggering a competitive race for entry and a newfound willingness to learn from other global regions.

However, this transition presents a unique economic challenge, as European financial solutions can often be too costly for the APAC market, where operations run on very low margins. Vaghjiani highlighted that in this region, success is driven by volume and extreme operational efficiency. To address this, CLOWD9 provides cloud-based processing that operates on a pay-as-you-use model, similar to a pay-as-you-go phone. This approach allows clients to avoid the high costs associated with expensive peak times, ensuring that their processing remains highly cost-efficient.

For banks and fintechs adopting these cloud-native solutions, the impact over the next 12 months is significant. By moving away from traditional, high-cost infrastructure, institutions can launch new services at a 90% reduction in cost compared to other regions. This efficiency allows firms to respond to the region’s openness quickly and competitively, turning the challenge of low-margin environments into an opportunity for high-volume growth.

Key Highlights from Suresh Vaghjiani:

  • The Opening of APAC: Vaghjiani discusses the shift from protective government policies to a more open, competitive banking environment in regions like Thailand.

  • Overcoming High-Cost Barriers: Why traditional European financial solutions are often economically unviable in the low-margin, high-volume APAC market.

  • Pay-As-You-Go Processing: How CLOWD9 utilizes cloud technology to offer a flexible payment model that eliminates the burden of expensive peak-time costs.

  • Massive Cost Reductions: A look at how firms can achieve up to a 90% reduction in launch costs by utilizing efficient, cloud-native processing.

Exodus (EXOD) Announces Official UFC Deal And Exodus Pay

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JP Richardson, co-founder and CEO of Exodus Movement (NYSE American: EXOD), opened part of the Exodus Summit today in Omaha, Nebraska, with an announcement about where he thinks the company’s customers already are.

Exodus is becoming the official payments partner of the UFC, Richardson said, with the partnership going live June 1. 

This launch coincides with the UFC staging its “Freedom 250” fight event on the White House lawn to mark the 250th anniversary of the United States, making it the first UFC event held on those grounds. Branding will appear inside the octagon, in broadcast spots, and through activation footprints at the venue itself.

“As the fans walk through the gates, you’re gonna see Exodus activation footprints everywhere at the White House,” Richardson said.

Richardson framed the deal in two dimensions: brand exposure and trust. For a financial application, trust is not a marketing metric but rather a result of a solid product. 

Consumers do not experiment with unrecognized brands when their money is involved, and Richardson argued that the UFC’s reach, 700 million fans across 165 countries, provides the kind of repeated, high-stakes visibility that accelerates that trust-building at a scale few media properties can match.

The deal is multi-year. Richardson described the target demographic as crypto-curious, young and digitally native — one that already aligns with what Exodus has spent over a decade building toward. 

A deep dive into Exodus Pay

Later in the day, Ain Sonayen, Chief Product Officer, delivered what amounted to a formal retirement notice for the wallet category, at least as Exodus defines it.

Sonayen’s argument was precise: a wallet is a starting point, not a destination. Exodus began as a wallet because that was the primary entry point for people getting into Bitcoin and crypto in 2014. That era, he said plainly, is over. 

The company is repositioning as a money platform — what Sonayen called a “money OS,” or operating system for money — built around three core experiences: stablecoin cash for everyday spending, crypto for ownership, and expanded utility for more sophisticated users.

Exodus Pay is the first layer of that platform. It ships now, available across all 50 states, with global expansion planned later in 2026. Users can fund the app via Apple Pay, bank transfer, or existing crypto balances. 

Spending works anywhere Visa is accepted. Peer-to-peer sends are free and instant, requiring only a phone number — including to recipients who have not yet installed Exodus, who receive the funds upon signup.

The self-custody distinction matters here more than it might appear. Competing payments products hold user balances on their own balance sheets. If a company freezes an account, the money stops. Exodus Pay keeps private keys on the user’s device; the company never takes custody of the funds. 

In a post-GENIUS Act regulatory environment, that architecture carries both compliance and competitive weight. The stablecoin market exceeded $300 billion in circulation earlier this year, and Exodus Pay said it is among the first consumer products to launch within that framework.

Sonayen also outlined the revenue logic. Payments businesses do not win on transaction volume alone; they win on balances. 

Exodus Pay is engineered to keep money inside the ecosystem — users add funds, earn rewards in any asset including Bitcoin, spend with their card, and earn again. The revenue stack includes stablecoin balances, card interchange, foreign exchange, on-ramps, and utility expansion over time.

CFO James Gernetzke, quoted in the company’s press release, called Exodus Pay “recurring, scalable, and fully ours” following record Q4 earnings — language that signals the company views this launch as the beginning of a fundamentally different business model, not a feature release.

Strategy keeps STRC payout unchanged for May as shares rebound after prolonged slump

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Strategy (MSTR), the largest publicly traded bitcoin holder, has maintained an 11.5% dividend rate for May on its perpetual preferred stock, Stretch (STRC), marking a third consecutive month at that dividend rate.

The volume weighted average price (VWAP) during April came in at $99.76, which was close enough to its $100 par value to justify holding the rate unchanged.

STRC has seen a series of increases since listing in July 2025 with a 9% dividend as the company aims to reduce volatility and keep the price anchored near its $100 par value.

Strategy markets STRC as a short-duration, high-yield savings alternative, paying monthly cash distributions.

STRC is currently trading at $99.75 and has remained below par since April 15. Based on historical patterns, a return to $100 for STRC is expected next week.

MSTR common stock has also shown signs of recovery, closing April at $165, up 33%, its first positive month in nine.

The stock fell fell 75% across eight consecutive losing months from August 2025 to March 2026, according to TradingView data.

Bitcoin also rose 12% in April, its best monthly performance since April 2025.

In addition, Strategy is considering a shift to semi-monthly dividend payments for STRC, moving away from its current monthly distribution structure to further reduce volatility.

Read More: Why Michael Saylor’s Strategy decided to make STRC’s dividend bi-monthly

Clarity Act text lets crypto firms offer stablecoin rewards while shielding bank yield

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Stablecoin yield would be prohibited under the newly released agreement between U.S. Senators Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.) addressing that contentious part of the crypto market structure legislation in a compromise that’s broadly similar to what’s been discussed since the start of the year.

The text released Friday would ban stablecoin issuers from offering yield based on just holding stablecoin reserves, saying that “depository institutions provide financial services that are integral to the strength of the American economy,” and stablecoin issuers offering similar services “may inhibit” these institutions.

“No covered party shall, directly or indirectly, pay any form of interest on yield (whether in cash, tokens, or other consideration) to a restricted recipient — (A) solely in connection with the holding of such restricted recipient’s payment stablecoins; or (B) on a payment stablecoin balance in a manner that is economically or functionally equivalent to the payment of interest or yield on an interest-bearing bank deposit,” the text said.

This restriction does not apply to incentives “based on bona fide activities or bona fide transactions” that are different from yield generated by interest-bearing bank deposits, the text said, maintaining an approach to rewards that’s similar to what financial firms offer on credit card activity. The restriction does apply to loyalty programs or similar efforts.

Senators Alsobrooks and Tillis have been negotiating on the text for the last few months, after a Senate Banking Committee markup on the overall Clarity Act was postponed last-minute in January. In March, they presented an agreement that blocked crypto firms from offering yield that looked like deposit interest but did allow them to structure rewards programs that didn’t rival banks’ core products.

In a statement, Digital Chamber CEO Cody Carbone said the trade association “welcomes the public release of stablecoin yield language as an important step toward resolving one of the final issues standing between the Committee and a markup. We are encouraged to see this process moving forward and will continue advocating for the power of rewards to drive consumer utility, competition, and innovation across the digital asset ecosystem.”

Carbone also called for a committee markup.

Riot’s stock rises after AMD boosts data center capacity to a potential 150 megawatts power

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Riot Platforms (RIOT) shares jumped about 8% on Friday after Advanced Micro Devices (AMD) expanded its capacity at the company’s Rockdale, Texas campus, highlighting Riot’s continued pivot from bitcoin mining into AI and high-performance computing.

According to the Q1 financial results, AMD exercised an option to double its contracted capacity to 50 megawatts (MW), with the potential to upsize to 150MW. According to the earnings transcript, Riot said the agreement could generate roughly $636 million over a 10-year term.

Riot also secured improved terms on its $200 million bitcoin-backed credit facility with Coinbase, lowering the rate to a fixed 6.15% from 8.3% and releasing 1,544 of pledged collateral bitcoin, signaling growing lender confidence in its expanding data center business.

Together with the AMD deal and improved credit terms, investors are paying a premium for the stock. “Market pricing in lower cost of capital as the expanded AMD deal drives lender confidence,” said Matthew Sigel, head of digital assets research at VanEck.

Riot was one of the last few ‘pure play’ mining companies left that didn’t get into hosting AI computing, while others opened up their data centers to move away from mining. Until recently, activist investor Starboard started to urge the management to accelerate its transition from bitcoin mining to an AI infrastructure provider.

The move to expand its data center business to host AI computers appears to be paying off for the Castle Rock, Colorado-based company.

The firm reported total revenue of $167.2 million for the quarter ended March 31, up from $161.4 million a year earlier, supported by $33.2 million in initial data center revenue. However, bitcoin mining revenue fell to $111.9 million from $142.9 million, mainly due to lower bitcoin prices and increased mining competition. The mining company’s shares are up about 147% over the last 12 months, while bitcoin fell nearly 17%.

The company, which previously held onto all its mined bitcoin, is also accelerating its bitcoin sales. According to Bitcoin Treasuries data, the company sold 3,688 BTC during Q1. The company ended March with 15,679 BTC and $282.5 million in cash.

Read more: The bitcoin treasury boom is unwinding as some companies and governments sell holdings