Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Monday, April 28th, and I'm your host, Kim Khan. Our top story so far,

Coinbase Global's asset management arm will launch a Bitcoin Yield Fund on Thursday. The Coinbase Bitcoin Yield Fund will

take a conservative approach to meet growing institutional demand for Bitcoin yield, the company said.

The new fund seeks a 4-8% net return in Bitcoin per year over a market cycle with investors

subscribing and redeeming Bitcoin. Bitcoin, unlike traditional assets or state digital assets, such as Ether

and Solana, does not generate yield. Earlier Bitcoin yield funds generally require institutional allocators

to take on investment and operational risk. Rather than move assets out of storage, the Coinbase

Fund uses third-party custody integrations to trade, which the company says significantly reduces

counterparty risk.

In tariffs, latest, can revenue for trade levies lower taxes?

President Donald Trump says yes.

On Sunday, Trump posted, when tariffs cut in, many people's income taxes will be substantially

reduced, maybe even completely eliminated.

Focus will be on people making less than

$200,000 a year. UBS disagrees. Chief economist Paul Donovan writes today, trade tariffs cannot

replace income taxes, to suggest otherwise either raises questions of policy competence or

implies a deficit finance tax cut. Neither is likely to shore up waning faith in the safety of the U.S.

dollar. He added Trump's idea hints in an understanding that low-income households pay trade taxes.

Tax expert Andrew Loutts says,

Everyone, including the president, knows will need to collect significantly more in tariffs

to replace federal income taxes for the about 90% of Americans earning less than $200,000 annually.

...