Citigroup Launches Custody+ Bitcoin Custody Platform for Institutions and Turns Bullish on Zambia Debt

Citigroup's Citi Investor Services is launching Custody+, a new suite of near- and real-time custody solutions for institutional clients that includes Bitcoin digital asset custody, set to go live later this year. The platform integrates Bitcoin into the same custody, reporting and tax frameworks Citi uses for traditional assets, marking a significant step in Wall Street's push into crypto. Amit Agarwal, Head of Custody at Citi, described the product as the result of a multi-year infrastructure commitment.

Separately, Citi has turned bullish on Zambia's bonds, announcing plans to go long on the copper-producer's debt after incumbent President Hakainde Hichilema won last week's elections, with Citi seeing the country in line for credit ratings upgrades. The first local debt auction since the election result was seen as a near-term catalyst. On the equity research front, Citi downgraded Pershing Square to Neutral, citing recent stock gains that limit further upside.

Citi's Heath Terry offered a positive read on OpenAI, calling its forward-looking financial figures encouraging. Citi also published a bullish note on Baidu, highlighting AI compute opportunities, a renewed focus on its ERNIE large language model, and the Apollo Go autonomous driving unit as standout positives. Tim Ryan, a Citi technology executive, was appointed to AMD's board of directors.