Headlines
▌Crypto Company BitGo Files for IPO in the U.S.
Cryptocurrency custody company BitGo Holdings said on Monday that it has confidentially filed for an IPO amid optimism in the digital asset market. Founded in 2013, BitGo is one of the largest cryptocurrency custody companies in the U.S., storing and protecting digital assets for its clients. The market value of the crypto industry has climbed to $4 trillion, and Bitcoin recently hit a record high, breaking through the $120,000 mark. Matt Kennedy, senior strategist at Renaissance Capital, said: "This is the best market condition in the cryptocurrency field in many years, and companies want to take advantage of this. Crypto startups know that the IPO window may close unexpectedly, especially in a volatile field like cryptocurrency, so they want to strike while the iron is hot."
▌US SEC Chairman: ETH is not a security
Paul Atkins, the new chairman of the U.S. Securities and Exchange Commission, said in an interview with CNBC that ETH is not a security.
Market
As of press time, according to CoinGecko data:
BTC price is $117,278, 24 hours ups and downs -0.1%;
ETH price is $3,760.27, 24 hours ups and downs +0.3%;
BNB price is $763.88, 24 hours ups and downs +0.9%;
Policy
▌U.S. banking lobby questions crypto companies’ applications for banking charters
U.S. banking groups are urging the country’s banking regulator to delay decisions on approvals for cryptocurrency companies’ banking charters until details of the companies’ plans are more public. They claim that allowing the applications would be a “fundamental departure” from existing policy. The American Bankers Association and other industry groups for banks and credit unions wrote to the U.S. Office of the Comptroller of the Currency (OCC) on Thursday, saying that its approval of national banking charters for cryptocurrency companies, including stablecoin issuers Circle Internet Group and Ripple Labs, “would raise significant policy and procedural issues.” The groups argue that “there are significant policy and legal questions about whether the applicants’ proposed business plans involve the types of fiduciary activities performed by national trust banks.” Circle, Ripple and Fidelity Digital Assets are among a group of cryptocurrency companies that have recently applied to the OCC for banking charters. Obtaining these licenses would essentially allow them to become their own bank, settling payments faster, and be regulated at the federal level, allowing them to operate in all states across the U.S.
▌Fed Powell Criminally Charged by Trump Allies
U.S. House Representative Anna Paulina Luna filed criminal charges with the Department of Justice, claiming that Federal Reserve Chairman Powell committed perjury twice. "On June 25, 2025, Powell testified under oath before the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the renovation of the Federal Reserve's Eccles Building. In his statement, he made several material false statements," Luna wrote in the letter. Luna also said: "In addition, in a letter to Russell Vought, director of the Office of Management and Budget (OMB), Powell said that the change that increased the cost of the project from $1.9 billion to $2.5 billion was insignificant. However, documents reviewed by congressional investigators show that the scope and cost overruns of this project are not trivial in nature and substance." In addition to fines, perjury is punishable by up to five years in prison. (Fox News)
▌Congressional Budget Office: Big and Beautiful Act will increase the US deficit by $3.4 trillion
The Congressional Budget Office estimates that the tax and spending bill (Big and Beautiful Act) recently signed into law by Trump will increase the US deficit by $3.4 trillion over ten years.
Blockchain Applications
▌Report: Cryptocurrency Decentralized Exchange (DEX) Trading Volume Reaches Record High in Q2
According to CoinGecko's Q2 report, decentralized exchanges (DEX) have reached a record market share relative to centralized exchanges (CEX) in terms of spot cryptocurrency trading volume. Despite a sharp decline in trading volume, Binance still maintains the top position in the centralized exchange market share, while Crypto.com and Coinbase's shares have also declined. DEX perpetual contract trading volume also hit a new high, with Hyperliquid dominating the market. The report pointed out that the spot trading volume of decentralized exchanges (DEX) soared to US$876.3 billion, an increase of more than 25% from the previous quarter. Coinbase: From now on, US users can legally participate in crypto perpetual contract transactions through the Coinbase platform. Coinbase officials said that from July 21, 2025, US users can trade CFTC-regulated perpetual futures through Coinbase Financial Markets (CFM), and this type of derivative with the largest trading volume in the world will be available on the platform. Coinbase said that for many years, US cryptocurrency traders could only watch their international peers use one of the most popular tools in the digital asset market - perpetual futures. This type of innovative derivatives provides higher leverage and does not need to deal with monthly expiration issues, accounting for 90% of global cryptocurrency trading volume. Due to the complex regulatory environment, US traders have been unable to participate. But this situation is about to change.
▌PolyMarket acquires crypto trading platform to restart business in the United States
According to market news, after the U.S. Department of Justice ended its investigation, prediction market PolyMarket acquired a trading platform and resumed operations in the United States.
Cryptocurrency
▌Trump Media Technology Group announced that its total Bitcoin reserve purchases have reached US$2 billion
Trump Media Technology Group (DJT.O) announced that its total Bitcoin reserve purchases have reached US$2 billion, and the group plans to continue to acquire Bitcoin and related assets and convert options into spot Bitcoin.
▌Blank check company Dynamix plans to merge with EtherMachine and plans to hold more than $1.5 billion in ETH
According to the Wall Street Journal, citing people familiar with the matter, blank check company Dynamix is preparing to merge with another entity to form a new company called "EtherMachine". The merged company plans to hold more than $1.5 billion in Ethereum (ETH). The bet behind this plan is that under the leadership of the Trump administration, which is more friendly to the crypto industry, investors will continue to favor companies that invest heavily in crypto assets.
▌Data: Bitcoin whales sell another 250 BTC, with a total profit of $578 million
According to Lookonchain monitoring, a Bitcoin whale holding 5,000 BTC (worth about $593 million) sold another 250 BTC (worth about $29.68 million) 3 hours ago. The whale acquired 5,000 BTC at $332 each 12 years ago (cost $1.66 million), and began selling BTC 8 months ago, selling a total of 1,000 BTC at about $106,000 each (worth about $106 million). The total profit is now $578 million, with a return rate of 349 times.
▌Strategy's $739.8 million in BTC added last week still came from stock sales
Bitcoin giant Strategy announced today that it had increased its holdings of 6,220 BTC again last week, spending $739.8 million in cash, with an average purchase price of $118,940. The latest acquisition brings Strategy's total Bitcoin holdings to 607,770 Bitcoins, with an acquisition cost of approximately $43.61 billion and an average cost of $71,756 per Bitcoin. At current market prices, the company's Bitcoin reserves are worth $72 billion, locking in nearly $28 billion in unrealized profits. It is worth noting that according to documents released by Strategy, most of the funds for this increase in BTC positions came from the sale of MSTR shares. The company sold 1,636,373 shares of MSTR to raise approximately $736.4 million. The company also disclosed that the remaining funds were obtained through small sales of STRK, STRF and STRD shares, raising a total of $3.9 million.
▌Strategy will issue 5 million shares of STRC to raise funds for the purchase of Bitcoin
Strategy announced the issuance of 5 million shares of STRC and officially launched its IPO. Strategy said that the funds raised from the IPO will be used for general corporate purposes, including the purchase of Bitcoin.
▌GameSquare increases the size of its crypto treasury to $250 million and launches an NFT investment strategy
GameSquare (NASDAQ: GAME), a U.S.-listed media technology company, announced that it will increase its digital asset treasury authorization from $100 million to $250 million, and has purchased more than 10,000 ETH in total, with a total value of approximately $35 million. GameSquare and crypto investment company Dialectic simultaneously launched an NFT investment strategy based on the Ethereum ecosystem, with an initial investment of $10 million. GameSquare said the move is aimed at improving capital efficiency and creating stable returns by actively deploying ETH and NFT assets to support the long-term growth of its media and creative businesses. The company has also established a dedicated digital asset investment committee to ensure risk control and compliance. BTCS, a US-listed company, announced that it has increased its holdings of 22,935 ETH and has raised an additional $10 million to continue to increase its holdings of ETH. BTCS, a company focused on blockchain technology (NASDAQ: BTCS), announced that the total market value of its 55,788 ETH, cash and other liquid assets is approximately $242.2 million, based on the price of Ethereum (ETH) of $3,600. Ethereum holdings increased by 22,935 compared to the previous announcement (32,853), with a total holding of 55,788, an increase of 69.8%. In addition, the company has agreed to issue $10 million in convertible bonds through a $56 million financing arrangement previously reached with ATW Partners LLC.
▌H100 Group, a Swedish listed company, increased its holdings by 140.25 BTC
H100 Group, a Swedish listed company, announced an increase of 140.25 BTC, bringing its total holdings to 510.28 BTC.
▌DeFi Development Corp, a US-listed company, increased its holdings by 141,383 SOL
DeFi Development Corp, a US-listed company, announced another increase of 141,383 SOL, bringing its total holdings to 999,999, equivalent to approximately US$192 million.
▌SOL Treasury Company Upexi bought 100,000 Sols for $17.7 million, with a total holding of 1.82 million Sols
According to official news, SOL Treasury Company Upexi announced that it bought 100,000 Sols for $17.7 million, with a total holding of 1.82 million Sols, worth $331 million. The total cost was $273 million, of which the floating profit was $58 million.
▌XRP market value surpasses McDonald's, temporarily reported at $215.5 billion
According to 8marketcap data, XRP market value has surpassed McDonald's, temporarily reported at $215.5 billion, temporarily ranked 83rd in the global mainstream asset ranking.
Important Economic Dynamics
▌U.S. Treasury yields continue to decline, with the 10-year yield falling to 4.35%
U.S. Treasury yields continue to decline, with the 10-year yield falling to 4.35%, below the 200-day moving average.
Golden Encyclopedia
▌What role do gold, oil, and BTC play in U.S. reserves?
The U.S. government has long relied on gold and oil as reserve assets, but with the growing popularity of Bitcoin among institutions, its potential role as a strategic reserve has greatly increased. While gold has historically been the backstop of the monetary system and oil remains an important economic and security asset, Bitcoin represents a new type of digital reserve that challenges the traditional financial paradigm. The United States has large reserves of gold and oil, but its Bitcoin holdings are relatively small, acquired primarily through asset seizures. Gold, oil, and Bitcoin each exhibit unique liquidity and market dynamics, with gold being the most stable, oil driven by geopolitical factors, and Bitcoin characterized by high volatility and 24/7 accessibility. Gold, oil, and Bitcoin all play a strategic role in the global economy, with gold being a hedge and oil influencing geopolitical stability. All of these assets have strategic and macroeconomic significance over time. Their narratives related to the broader capital markets may be just what is needed to attract investor interest. As institutional adoption grows, Bitcoin's strategic value as a hedge against inflation and government debt is increasingly recognized. Policy initiatives suggest that building strategic Bitcoin reserves could allow it to stand alongside traditional assets such as gold and oil in the future.
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