Market Beats | JPMorgan to Let Institutional Clients Use Bitcoin and Ether as Loan Collateral; September Inflation Data Comes In Softer; Pentagon Says It Received Anonymous $130 Million Donation; Tesla Faces Declining Deliveries and Mounting Challenges Despite Lofty Valuation; Porsche Posts First Quarterly Loss Since Listing; Princeton Endowment Gains 11%

—— JPMorgan to Let Institutional Clients Use Bitcoin and Ether as Loan Collateral; September Inflation Data Comes In Softer; Pentagon Says It Received Anonymous $130 Million Donation; Tesla Faces Declining Deliveries and Mounting Challenges Despite Lofty Valuation; Porsche Posts First Quarterly Loss Since Listing; Princeton Endowment Gains 11%

1. JPMorgan to Let Institutional Clients Use Bitcoin and Ether as Loan Collateral

JPMorgan Chase & Co. plans to let institutional clients pledge their Bitcoin and Ether holdings as collateral for loans by the end of the year, marking a major step in Wall Street’s growing integration with the crypto industry.

The program, which will be available globally, will rely on a third-party custodian to hold the pledged tokens, according to people familiar with the matter. It expands on JPMorgan’s earlier decision to accept crypto-linked ETFs as collateral.

The move underscores how digital assets are becoming part of the financial system’s core infrastructure. With Bitcoin rallying this year and the Trump administration easing crypto regulations, major banks are moving to incorporate digital assets into traditional lending. For JPMorgan, it’s both a symbolic and practical shift: the same bank whose CEO Jamie Dimon once called Bitcoin a “hyped-up fraud” and a “pet rock” will now treat it as eligible collateral alongside stocks, bonds, and gold.

JPMorgan’s decision follows similar moves by other major financial firms, as Wall Street grows more comfortable with crypto amid friendlier federal policies. Morgan Stanley plans to let users on its E*Trade retail platform access popular cryptocurrencies in the first half of next year. Other firms including State Street Corp., Bank of New York Mellon Corp., and Fidelity have launched crypto custody and related services.

Dimon has since softened his stance, while maintaining skepticism. “I don’t think we should smoke, but I defend your right to smoke,” he said at JPMorgan’s investor conference in May. “I defend your right to buy Bitcoin — go at it.”

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2. September Inflation Data Comes In Softer

A delayed snapshot of U.S. inflation in September showed weaker-than-expected price growth, potentially giving the Federal Reserve room to lower interest rates again after next week’s meeting.

The core consumer price index, which excludes food and energy, rose 0.2% from August, according to Bureau of Labor Statistics data released Friday. That was the smallest monthly gain in three months, restrained by the weakest increase in housing costs since early 2021.

The reading, long anticipated during the federal government shutdown, was welcomed by policymakers cautious about easing too aggressively. While the Fed was already expected to cut rates next week, investors now see a stronger chance of another move in December — particularly if next month’s inflation report is delayed.

The September CPI report, originally scheduled for Oct. 15, was postponed due to the shutdown that began Oct. 1. BLS recalled limited staff to compile the data so the Social Security Administration could calculate its annual cost-of-living adjustment, which will rise 2.8% next year.

Economists said the quality of the data wasn’t affected, as collection was completed before the shutdown. However, the agency hasn’t gathered new price data since then, and a White House–affiliated X account warned Friday that “there will likely NOT be an inflation release next month for the first time in history.”

“Once funding is restored, BLS will resume normal operations and notify the public of any changes to the release schedule,” a BLS spokesperson said in an email statement.

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3. Pentagon Says It Received Anonymous $130 Million Donation

The Pentagon said it received an anonymous $130 million donation to cover military pay during the U.S. government shutdown — a move that may not be legally permissible under federal law.

“On October 23, 2025, the Department of War accepted an anonymous donation of $130 million under its general gift acceptance authority,” Chief Pentagon Spokesman Sean Parnell said Friday in a statement. “The donation was made on the condition that it be used to offset the cost of Service members’ salaries and benefits.”

The donation marks President Donald Trump’s latest effort to assert greater control over government functions as the shutdown extends into its fourth week. The White House has already moved to fire federal employees and cut funding for Democratic-led projects, sparking legal challenges. Attempting to pay U.S. military troops during the funding lapse could prove politically popular — while also highlighting congressional Democrats’ refusal to pass a spending bill.

Federal law, however, generally prohibits individuals from making earmarked donations to the government. While unconditional gifts to the U.S. Treasury are allowed, those funds go into the general account or toward reducing national debt and cannot be spent without congressional appropriation — the very lack of which has caused the shutdown.

The $130 million donation would cover only a fraction of the payroll for roughly 1.3 million active-duty troops — averaging about $100 per person. The government spent $9.8 billion on military personnel in September, according to Treasury data. The next scheduled payday for troops is Oct. 29.

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4. Tesla Faces Declining Deliveries and Mounting Challenges Despite Lofty Valuation

Tesla Inc. is confronting a tough road ahead as its electric-vehicle deliveries are poised to decline for the second consecutive year, even as the broader global EV market continues to grow.

In the U.S., demand will be tested now that the federal purchase subsidy has expired. The company is also under pressure from new tariffs imposed by the Trump administration and reduced revenue from selling regulatory credits to other automakers to help them meet emissions requirements.

Overseas, Tesla faces intensifying competition — especially in China — as well as backlash tied to CEO Elon Musk’s polarizing political views. More fundamentally, the company lacks a truly new, affordable vehicle to rejuvenate its aging lineup, having instead focused on cheaper, pared-down versions of its best-selling Model Y SUV and Model 3 sedan.

Still, investor optimism remains strong, keeping Tesla’s market capitalization around $1.4 trillion. Much of that valuation now rests on Musk’s long-term vision of a future dominated by autonomous vehicles and a “robot army,” rather than the conventional, human-driven EVs that define its business today.

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5. Porsche Posts First Quarterly Loss Since Listing

Porsche has reported a quarterly loss for the first time since its 2022 stock-market debut, as the German luxury carmaker moves away from an all-electric focus and pivots back toward petrol and hybrid models, according to the Financial Times.

The group posted an operating loss of €967 million for the third quarter, compared with a €974 million profit in the same period last year. For the first nine months of 2025, operating profit stood at just €40 million, down sharply from €4 billion in 2024.

Porsche, long a key profit engine for Volkswagen Group, has been hit by weaker-than-expected EV demand, a 26% drop in sales in China, and rising U.S. tariffs.

Chief Financial Officer Jochen Breckner said 2025 would mark “the trough that precedes a noticeable improvement” starting in 2026. He added that Porsche was “consciously accepting” weaker results while reorganizing its lineup.

Last month, the company announced a €1.8 billion charge after scrapping a new all-electric hybrid and accelerating plans for new petrol and hybrid models. Breckner described the move as “essential to strengthen Porsche’s resilience and profitability in the long term.”

He said Porsche would also focus on making its cars “more individual, exclusive and desirable.”

In September, Porsche cut its 2025 operating margin forecast to 0–2%, down from 14% a year earlier, reflecting its new strategic shift. While the company will continue updating existing battery models, it plans to expand offerings with combustion and hybrid powertrains.

In China, one of its two key markets, sales fell 26% in the first nine months of 2025. In the U.S., sales rose more than 5%, but all models are subject to import tariffs due to Porsche’s lack of a domestic manufacturing presence.

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6. Princeton Endowment Gains 11%

Princeton University’s endowment returned 11% in the 12 months through June, lifting its total value to about $36 billion as elite U.S. universities navigate increasing tensions with President Donald Trump’s administration.

The Ivy League institution said its endowment contributes roughly two-thirds of its annual operating budget, funding financial aid, research, and faculty salaries.

Dartmouth College reported a 10.8% return for the same period and distributed a record $453 million. Other Ivy League peers posted similar results: Brown, Harvard, and the University of Pennsylvania each gained around 12%, while Columbia University reported slightly higher returns of 12.4%.

Some of the nation’s wealthiest schools are now contending with higher taxes after Congress passed the One Big Beautiful Bill Act, raising the levy on large endowments — including Harvard, Yale, and Princeton — from 1.4% to 8% of net investment income. Both Harvard and Yale estimate their annual tax bills could reach as much as $300 million.

Meanwhile, several Big Ten universities outperformed the Ivies, which tend to invest heavily in illiquid assets like private equity and hedge funds. The University of Wisconsin’s investment arm, with more than half of its assets in global equities, returned 16.2%, while the University of Michigan gained 15.5%.

Overall, U.S. college endowments managing $500 million or more posted a median return of 11.5% for the year ended June, the best since 2021, according to the Wilshire Trust Universe Comparison Service. Including smaller endowments, the median gain was 10.8% before fees.

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7. Goldman Sachs Nears $1 Billion Deal for Majority Stake in Excel Sports Management

Goldman Sachs is nearing a deal to acquire a controlling stake in Excel Sports Management — the agency representing Tiger Woods, Caitlin Clark, and Derek Jeter — as Wall Street deepens its push into the booming sports industry, according to the Financial Times.

Goldman’s asset management division is in late-stage talks to buy the stake at a valuation near $1 billion, people familiar with the matter said. Excel was founded in 2002 by sports super-agent Jeff Schwartz, who left IMG to start his own firm, later joined by former IMG executives Casey Close and Mark Steinberg.

The deal, expected to be announced as soon as next week, aligns with Goldman’s broader expansion into mid-sized corporate buyouts and private credit as the bank seeks to grow fee-based investment revenue. Earlier this month, Goldman Sachs Asset Management agreed to buy venture capital firm Industry Ventures for nearly $1 billion.

Goldman is purchasing the Excel stake from entertainment-focused private equity group Shamrock Capital and the agency’s management team, according to the sources.

Excel’s potential sale underscores the surge in valuations for sports and entertainment talent agencies, as rising player contracts and endorsement deals have boosted revenues for firms that earn commissions from clients’ earnings.

Over two decades, Excel has evolved from a niche basketball agency into a global powerhouse rivaling Creative Artists Agency and Endeavor. Schwartz remains a dominant figure in basketball representation, while Close and Steinberg lead the agency’s baseball and golf divisions.

The booming valuations of sports franchises and related industries — from athlete contracts to media rights and sponsorships — have drawn increasing interest from sophisticated investors. In 2023, private equity group TPG sold Creative Artists Agency to French billionaire François-Henri Pinault’s family office for $7 billion, a major gain from its initial $1.1 billion investment nearly a decade earlier.

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