BlockBeats will summarize key industry news from the week of July 1 to July 6 in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
Trump officially signs the "Beautiful Law," but the cryptocurrency tax incentives were not included
On July 5, U.S. President Trump signed the "Beautiful Law" into effect on July 4 local time. The U.S. House of Representatives passed the "Beautiful Law," pushed by President Trump, with a vote of 218 in favor and 214 against on the afternoon of July 3. The law has been controversial due to its cuts to federal aid, increase in long-term debt, and tax reductions for the wealthy and large corporations. The Senate passed the bill on July 1, but due to time constraints, important tax amendment provisions that could benefit cryptocurrency users were not included. A leader in cryptocurrency policy expressed regret over this outcome, calling it a "missed opportunity" for the industry. Related reading: “What’s in the ‘Beautiful Law’ that made Musk furious?”, “Decoding the ‘Beautiful Law’: Shaping a New Landscape for Cryptocurrency and Stablecoins”
Musk announces the formation of the American Party in dissatisfaction with the passage of the "Beautiful Law," hinting at participation in next year's midterm elections
On July 1, Musk tweeted that if the "Beautiful Law" passed, he would establish a new American political party the next day. On July 6, Musk announced the formation of the American Party, stating, "When our country goes bankrupt due to waste and corruption, we live in a one-party system, not a democracy. Today, the purpose of the American Party's establishment is to restore your freedom." On the same day, Musk hinted in response to community questions that the "American Party" would participate in next year's midterm elections. In response to speculation from netizens, Musk confirmed that the political agenda of the "American Party" might include reducing debt spending, promoting AI technology development, and comprehensive deregulation, replying, "That's right!"
A dormant Bitcoin whale awakens after 14 years, activating over 80,000 BTC with a return rate of about 140,000 times
On July 4, according to monitoring by Lookonchain, a dormant Bitcoin whale that had been inactive for 14 years activated 80,009 BTC from all its addresses, valued at $8.69 billion. This whale received 20,000 BTC on April 2, 2011, when it was worth $15,600, and is now valued at $2.18 billion, yielding a return rate of up to 140,000 times. According to Coinbase executive Conor Grogan, this whale may have originated from an independent miner in 2011, who had accumulated mining rewards from 180 blocks and once owned an address containing 200,000 BTC, worth about $22 billion today, making it one of the top five wallets in history.
Robinhood launches tokenized stock products based on Arbitrum, building a dedicated Layer 2 network for RWA
On June 30, digital brokerage Robinhood (HOOD) announced at the Cannes product launch that it would expand its cryptocurrency business through a series of new initiatives, including developing its own blockchain network based on Arbitrum (tentatively named Robinhood Chain) and launching tokenized stock trading. The company has launched tokenized stock products based on the Ethereum Layer 2 network Arbitrum for European users, covering over 200 U.S. stocks and ETFs, supporting trading around the clock on weekdays. Robinhood stated that this move would upgrade its European crypto application to a "crypto-driven all-in-one investment platform." The new chain based on the Arbitrum tech stack aims to support round-the-clock trading, self-custody, and cross-chain transfer of tokenized assets. Insiders revealed that it may be launched by the end of this year or early next year. Related reading: “Robinhood's high-profile product launch at Cannes ignites competition among on-chain brokerages”, “Interview with Robinhood co-founder: Why are we building our own chain?”, “Why is Robinhood embracing the 'old money' vibe at its launch event?”, “With so many tech stacks, why did Robinhood choose Arbitrum for its chain?”
Robinhood gives eligible European users OpenAI and SpaceX tokens; OpenAI denies ever authorizing Robinhood
On June 30, Robinhood announced that Robinhood EU launched the world's first tokenized stocks of private companies, including tokens for OpenAI and SpaceX. Robinhood EU is giving away the first batch of private company stock tokens for OpenAI and SpaceX for free. On July 3, OpenAI released a statement denying that it authorized Robinhood to launch the related tokenized stocks, stating that the so-called "OpenAI tokens" do not represent company equity and that it has not established any partnership or endorsement with Robinhood. On the same day, Robinhood CEO Vlad Tenev responded, stating, "The promotion of tokenized stocks is the seed of a larger vision; these tokens are not technically equivalent to stocks but still allow retail investors to track changes in company valuations. Users can see the specific mechanisms in our terms." The brokerage's official website also clearly states that these "stock tokens" do not represent actual company equity but are a type of blockchain-based derivative contract whose prices track the market value changes of real stocks. Related reading: “Why doesn’t OpenAI want to trade 'stocks' on Robinhood?”
FTX creditor representative: 82% of restricted claim funds from FTX come from Chinese users, and if confirmed restricted, claims may be forfeited
On July 4, FTX creditor representative Sunil posted on social media that 82% of the claims in restricted countries belong to Chinese users, but cryptocurrency trading is currently not allowed in China, and there are no authorized distributors. According to documents provided by Sunil, FTX will seek legal advice and will distribute to potential restricted foreign jurisdictions if possible; if it is determined that residents belong to restricted foreign jurisdictions and claims are disputed, the distribution may be forfeited. Related reading: “FTX liquidation leads to legal disputes; Chinese users may lose compensation eligibility?”, “How much did FTX's bankruptcy lawyers earn without compensating domestic victims?”
Pioneer Pharma plans to acquire all shares of Conflux; both founders of Conflux are executive directors of Pioneer Pharma
On July 1, Hong Kong-listed Pioneer Pharma Biotechnology (00399) announced that on June 30, 2025, the company (as the buyer) signed a memorandum of understanding with the seller (Northwestern Foundation) and Conflux regarding the potential acquisition of all shares of the target company, contingent upon the target company completing the acquisition of Conflux assets according to the agreement with the company. Publicly disclosed information shows that Conflux's two founders, Long Fan and Wu Ming, are both executive directors of the Hong Kong-listed Pioneer Pharma Biotechnology.
Ethereum Community Foundation officially established to promote the rise of ETH prices
On July 2, it was reported that according to Ethereum core developer Zak Cole's announcement, a new organization called the Ethereum Community Foundation (ECF) has been established to support institutional-level adoption of Ethereum infrastructure and ultimately drive up ETH prices. Cole stated that the organization has currently raised millions of dollars worth of ETH, which will be used to support projects that build "trustworthy and neutral" technology. According to Cole's speech, ECF's first project is the "Ethereum Validator Association (EVA)," which aims to give network validators more say in protocol development, using staked ETH to express preferences. It is currently unclear which organizations or individuals are supporting the foundation's operations. Cole stated that more details will be announced in the coming weeks. Related reading: “Is the establishment of the Ethereum Community Foundation (ECF) a speculative gimmick or a determination of community awakening?”
AEX (Anyin) trading platform founder Huang Tianwei released on bail in Thailand
On July 4, X user @chaoge_btc revealed that Huang Tianwei, the founder of the AEX (Anyin) trading platform, which collapsed in 2022, was released on bail by his family in Thailand at 19:00 on July 3. Since the platform's collapse, only three original large users have recovered some assets. The platform has been operating since 2013, with users primarily being old OGs in the cryptocurrency space, holding significant user funds. Currently, Huang Tianwei continues to refuse any user requests for fund recovery. BlockBeats previously reported that on June 12, AEX founder Huang Tianwei was arrested at the police station in the Mae Sai district of Chiang Rai, Thailand.
JPMorgan: Alipay and WeChat Pay are not templates for the future expansion of stablecoins
On July 4, JPMorgan predicted that by 2028, the growth of stablecoins would only reach $500 billion, believing that the trillion-dollar forecast is "too optimistic," as there is almost no evidence that dollar-pegged cryptocurrency tokens will be widely adopted. Currently, the payment applications of stablecoins are still very limited, accounting for only 6% of demand, approximately $15 billion, mainly concentrated in cryptocurrency trading, decentralized finance, and collateral fields. Additionally, regarding Ant Group's plan to apply for a license to issue stablecoins in Hong Kong through its overseas subsidiary Ant International, JPMorgan stated that the rapid expansion of the digital yuan and the success of Alipay and WeChat Pay are not templates for the future expansion of stablecoins.
WhiteRock founder arrested in the UAE, suspected of committing a $30 million fraud through ZKasino
On July 4, on-chain detective ZachXBT revealed on social media that UAE authorities have detained Ildar Ilham, the founder of the decentralized finance protocol WhiteRock Finance, accusing him of committing a $30 million fraud through the gambling platform ZKasino. Case details show that when the ZKasino platform launched in April 2024, it promised to airdrop native tokens to specific users, but over a year later, it has yet to fulfill this promise. In April of this year, Dutch authorities arrested a 26-year-old individual involved in the case (reportedly a cryptocurrency celebrity named Elham Nourzai) on charges including fraud, embezzlement, and money laundering. ZachXBT pointed out that Ilham's arrest is related to the investigation of Nourzai and ZKasino, and procedures are currently underway to extradite him to the Netherlands.
The topic "What is a stablecoin" tops Douyin's hot search list
On July 5, the topic "What is a stablecoin" topped Douyin's hot search list with a heat score of 12.125 million.
JD.com and Ant Group are advising the central bank to approve a RMB-based stablecoin
On July 4, according to Reuters, insiders revealed that JD.com and Ant Group are advising the central bank to approve a RMB-based stablecoin. JD.com stated in closed-door discussions with the People's Bank of China that there is an urgent need to use offshore RMB stablecoins as a tool to promote the internationalization of the RMB. Insiders also mentioned that Ant Group is preparing to apply for stablecoin licenses in Hong Kong and Singapore and is also preparing for offshore RMB stablecoins.
Post-00s drug dealer uses virtual currency for "contactless" drug trafficking, eventually caught in Shanghai
On June 30, reports indicated that during a recent crackdown on drug users, Shanghai police discovered that these users were contacting drug dealers through overseas chat software, paying with virtual currency as instructed, and receiving photos of buried drug locations sent by the dealers. Ultimately, a post-00s drug dealer named Li Qi was apprehended; he admitted that he could profit 50 yuan for each package he buried after receiving the drugs. In just a few days, he buried hundreds of drug packages. He drove across seven provinces, digging holes to bury drugs and taking location photos, allowing buyers to "treasure hunt" for the drugs. Li Qi even lived and ate in his car, turning it into a "mobile drug trafficking vehicle." Currently, suspect Li Qi has been approved for arrest by the procuratorial authorities on charges of drug trafficking.
Jupiter's token launch platform Jupiter Studio goes live
On July 3, Jupiter's token launch platform Jupiter Studio went live, allowing users to quickly launch tokens using preset templates or choose advanced customization options, including initial minting supported by USDC, SOL, or JUP, setting market caps, and flexible token vesting schedules. The platform also includes a 50% exchange fee revenue, post-launch LP unlocking mechanisms, anti-sniping protection mechanisms, and up to 80% token vesting and unlocking plans. Related reading: “Jupiter's native token launch platform goes live; will it spark a new wave of meme frenzy?”
Letsbonk.Fun platform's trading volume surpasses pump.fun in the last 24 hours; BONK rises over 16%
On July 3, the Solana ecosystem token issuance platform Letsbonk.Fun recorded a trading volume of $107 million in the last 24 hours, surpassing pump.fun's $104 million, ranking first. On the 5th, according to Dune data, Letsbonk.Fun launched 7,714 types of meme coins the previous day, second only to Pump.fun's 19,367 types, showing a significant gap compared to the third place Jup Studio's 2,372 types. Additionally, official data indicated that Letsbonk.Fun's trading volume reached $95.36 million in the past 24 hours, generating $327,000 in fees, with an expected annual revenue of $38.25 million. Possibly influenced by the popularity of the LetsBonk.fun platform, BONK rose over 16% in the last 24 hours.
Backed's stock RWA token xStocks officially launched, now available on some CEX and DeFi applications
On June 30, Backed Finance announced the launch of tokenized stock products on mainstream cryptocurrency exchanges and Solana-based decentralized finance (DeFi) protocols, making the combination of stocks from listed companies like Apple, Amazon, and Microsoft with crypto-native platforms closer. Approximately 60 stocks and ETF tokens launched support trading around the clock on weekdays, with Bybit and Kraken being the first crypto exchanges to support trading of these tokens, and integrations with DeFi applications Kamino Swap, Raydium, and Jupiter have been completed. Additionally, GMGN has partnered with xStocks to support users trading U.S. stocks on the Solana chain. Related reading: “From Robinhood to xStocks, how is U.S. stock tokenization achieved?”, “Getting started with U.S. stock token trading: 10 questions to understand the mainstream platform xStocks”, “In 2025, trading U.S. stock tokenization, my youth remains in the liquidity mining of 2020”
Bitcoin's historical return rate in July: 8 gains and 4 losses since 2013
On June 30, according to Coinglass data, Bitcoin has experienced 12 "July" market trends since 2013, with 8 gains and 4 losses. The largest increase occurred in July 2020, with a monthly increase of 24.03%; the largest decrease occurred in July 2014, with a monthly decrease of 9.69%. From 2013 to the present, Bitcoin's average return rate in July is 7.56%. Related reading: “Waiting for the wind in July: Can altcoins welcome spring? | Trader's Observation”
REX-OSPREY SOL spot ETF began trading this Wednesday, with a first-day trading volume of $33.914 million
On June 30, the CEO of REX-OSPREY announced that the Solana ETF supporting staking would begin trading on Wednesday. On July 2, Bloomberg ETF analyst James Seyffart stated that the first SOL spot ETF, REX-Osprey SOL + Staking ETF (SSK), performed well in its initial trading, with approximately $8 million traded in the first 20 minutes. According to market data on that day, the ETF's first-day trading volume was reported at $33.914 million. Related reading: “The first SOL staking ETF in the U.S. is here: The era of institutional compliance and easy profits begins”, “SOL ETF approved; what SOL-related stocks are there in the U.S. market?”
Data: The Trump family has profited approximately $620 million from cryptocurrency projects in recent months
On July 3, reports indicated that the Trump family has profited approximately $620 million from cryptocurrency projects in recent months, accounting for nearly 10% of the Trump family's net worth of $6.4 billion. The Trump family earned about $390 million from the token sales of World Liberty, $150 million from the launch of Trump Meme coins, and additional earnings from other cryptocurrency projects. This seems to be the first public accounting of multiple cryptocurrency projects by the Trump family, covering a range from meme coins to Bitcoin mining businesses. The Trump family's earliest cryptocurrency projects included a series of NFT cards. In 2022, he launched the first NFT collectible, offering 45,000 on-chain collectibles, each priced at $99. In 2024, during the launch of the fourth series, Trump disclosed that he earned over $7 million from NFTs and holds approximately $5 million in Ethereum. Related reading: “The Trump family rakes in $620 million in six months; the crypto 'money printing' technique surpasses three generations of family wealth”
The U.S. SEC has suspended Grayscale's plan to convert its digital large-cap fund into an ETF for further review
On July 3, it was disclosed that the U.S. Securities and Exchange Commission (SEC) has suspended Grayscale's plan to convert its digital large-cap fund into an exchange-traded fund (ETF) and has placed it under further review. The fund was originally planned to be listed on the NYSE Arca platform as a spot ETF covering various assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA).
YZi Labs announces investment in Digital Asset to promote compliance infrastructure development
On July 3, YZi Labs announced an investment in Digital Asset, the developer of the privacy blockchain network Canton Network. This investment follows Digital Asset's announcement of a $135 million Series E funding round on June 24. This round of financing also includes participation from major financial institutions such as DRW, Tradeweb, DTCC, Citadel Securities, and Goldman Sachs. Related reading: “YZi Labs' latest investment: Digital Asset quietly building a $4 trillion RWA network”
A hearing of the full committee on cryptocurrency market structure will be held next week, with Ripple's CEO in attendance
On July 3, crypto journalist Eleanor Terrett revealed that the Republican Banking Committee will hold a full committee hearing on cryptocurrency market structure next week. The hearing is scheduled for Wednesday at 10:00 AM (Eastern Time). Confirmed participants include: Brad Garlinghouse, CEO of Ripple; Kristin Smith, CEO of the Blockchain Association; Jonathan Levin, CEO of Chainalysis; and Dan Robinson, General Partner at Paradigm.
Australian crypto billionaire kidnapped, bites off kidnapper's finger to escape
On July 3, it was reported that Australian cryptocurrency billionaire Tim Heath successfully escaped from a meticulously planned kidnapping attempt by biting off the attacker's finger. According to a court hearing in Estonia last week, the attacker disguised as a painter used a GPS tracker and a disposable phone to monitor Heath's movements. Following the incident, Heath has invested approximately €2.7 million to enhance his personal security. Such "wrench attacks" (physical violence threats) targeting cryptocurrency holders are on the rise, including the case of Ledger co-founder David Balland, who was kidnapped and had his finger cut off earlier this year. Experts warn that regulatory measures like the FATF travel rule may inadvertently increase risks, as these rules require linking crypto wallets to real identities. Related reading: “Kidnapping extortion, deadly murders, and serial cases: Five cryptocurrency case records”
Backpack's second season points event launches with system failure; official states users can apply for compensation
On July 3, the second season points event of Backpack officially launched. On the same day, Backpack experienced a major failure due to a system maintenance error, leading to disordered user orders and lost position data, causing unexpected losses for some traders. Subsequently, Backpack's official account posted on social media stating, "All users with positions today will receive double points rewards. For users who suffered unexpected losses during the maintenance period, please send an email to Backpack's official email, and we will process compensation after investigation and confirmation."
Connecticut governor signs Bitcoin reserve ban bill
On July 1, it was reported that Connecticut Governor Ned Lamont officially signed the state's "Bitcoin Reserve Ban" bill. Connecticut is now prohibited from accepting, holding, or investing in any digital assets.
Kazakhstan plans to establish a national cryptocurrency reserve
On June 30, it was reported that Kazakhstan's central bank governor Timur Suleimenov stated that the country plans to establish a national cryptocurrency reserve, funded by digital assets seized from cases and tokens mined from state-owned mining operations. The reserve will be managed by a central bank subsidiary, adopting a sovereign wealth fund operational model, including a single manager structure and transparent auditing mechanisms. It is reported that Kazakhstan currently holds 13% of the global Bitcoin hash rate and has implemented a miner licensing system following a power shortage in 2022, seizing nearly $200 million worth of illegal mining machines.
U.S. Department of Justice busts largest healthcare fraud case in history, seizing $245 million in cryptocurrency, cash, and more
On July 3, Forbes reported that the U.S. Department of Justice announced the bust of the largest healthcare fraud case in history, with 324 defendants charged involving over $14.6 billion in false claims. These defendants include 96 doctors, nurses, pharmacists, and other healthcare professionals, spread across 50 federal districts and 12 state attorney general offices. The operation also seized over $245 million in cash, cryptocurrency, luxury cars, and other assets, while the Centers for Medicare & Medicaid Services (CMS) prevented over $4 billion in fraudulent payments by suspending or revoking billing privileges for 205 providers.
This week's large financings: BitMine, Amber International, TWL Miner, The Open Platform, ICN, Distinct Possibility Studios
On June 30, it was reported that BitMine Immersion Technologies announced the completion of a $250 million private placement financing, issuing 55,555,556 shares at a price of $4.50 per share. The deal was led by MOZAYYX, with participation from well-known investment institutions such as Founders Fund and Pantera. BitMine plans to use the raised funds primarily to increase its holdings in Ethereum (ETH), intending to make it a core reserve asset while continuing its main business of Bitcoin mining. Related reading: “30-fold surge in four days: BitMine ignites ETH reserve trend in U.S. stocks”
On July 1, it was reported that Amber Group's crypto financial institution service and solutions provider Amber International announced the successful signing of a private placement subscription agreement totaling $25.5 million, with participation from Mile Green, Harvest Capital, Pantera Capital, Choco Up, and others.
On the same day, it was reported that the UK AI cloud mining platform TWL Miner announced the completion of a $95 million Series B financing, with multiple blockchain and sustainable technology investment institutions participating, though specific investors were not disclosed.
On July 3, the Telegram ecosystem development platform The Open Platform announced the completion of a $28.5 million Series A financing, achieving a post-investment valuation of $1 billion. Ribbit Capital led the round, with crypto venture capital firm Pantera Capital participating. This financing involved the sale of approximately 5% equity and did not include cryptocurrency shares.
On July 4, the decentralized cloud platform Impossible Cloud Network (ICN) announced the completion of €28.8 million in financing, with a latest valuation of €398 million. This round was led by NGP Capital, with participation from 1kx, Protocol Labs, and others. ICN also launched its native token ICNT and plans to list on several CEXs, including Binance and Kraken.
On the same day, it was reported that the Web3 game studio Distinct Possibility Studios completed $30.5 million in financing, co-led by Bitkraft Ventures and Brevan Howard Digital.
This week's popular articles
At this week's Cannes launch event, Robinhood presented their grand vision: to completely reshape the global asset trading system with blockchain and tokenization. They launched tokenized U.S. stocks, perpetual contracts, and private equity tokens in Europe, integrating these products into an All-in-One investment app; in the U.S., they focus on staking, AI assistants, and low-fee smart trading to solidify active users; and most disruptively, they are building the Robinhood Chain based on Arbitrum, which will support the on-chain circulation of real assets like stocks, private equity, and real estate, aiming to become the new infrastructure for global financial assets.
“Kidnapping extortion, deadly murders, and serial cases: Five cryptocurrency case records”
With the popularity of cryptocurrencies, real-world threats of violence are also rapidly increasing, especially the so-called "wrench attacks"—where victims are violently coerced into surrendering their crypto assets. In the first half of 2025, at least 34 such cases have occurred globally, setting a new historical high, from the Bali couple tragedy, the kidnapping of cryptocurrency thief Chetal's parents, to the torture extortion of Ledger co-founder, and the anonymous extortion and malicious reporting faced by Hal Finney before his death, as well as family tragedies arising from crypto wealth among relatives, crypto assets are becoming high-value, high-risk targets for new types of crime.
“Exclusive interview with Resupply victim: Who should be responsible for the $9.6 million loss?”
The Resupply protocol was attacked on June 26, resulting in a loss of approximately $9.6 million, sparking strong dissatisfaction among users. Veteran player 3D revealed during the rights protection process that the project party's response was slow, communication was indifferent, and they only symbolically compensated for losses, even humiliating users by banning their accounts when the community raised doubts. He pointed out that there exists a gray trust mechanism behind the project, which is "implicitly endorsed" by Curve, yet Curve quickly distanced itself after the incident. The event exposed systemic issues within the DeFi industry, such as unclear responsibilities, lack of rights protection, and moral decay, shaking the confidence of many veteran players and raising doubts about the sustainability of the industry.
“Brad Pitt's F1 movie, still a source of pride for the crypto community”
Brad Pitt's starring film "F1: The Movie" has become a hit upon release, attracting significant attention, including from the crypto community. The OKX logo on the car he drives and his outfit has once again brought the deep cooperation between the crypto world and F1 to the forefront. Since FTX began sponsoring Mercedes, leading exchanges such as Crypto.com, Coinbase, OKX, Bybit, Gate, Binance, and Kraken have successively partnered with top F1 teams, viewing sponsorship as a ticket to enter the elite circle. The closed nature of F1, its elite culture, and its close ties to the core cities of global politics and business make this money-burning game not only about exposure but also about identity recognition and resource connection.
“No compensation for domestic victims; how much did FTX's bankruptcy lawyers earn?”
During the bankruptcy liquidation process of FTX, Wall Street bankruptcy expert John Ray and his law firm Sullivan & Cromwell took over the assets at high fees but quickly sold core investments, including Cursor, Mysten Labs, and Anthropic, at prices far below their true value, leading to the loss of billions of dollars in assets. Creditors, especially Chinese users, face the risk of being stripped of their claims or even having their assets "legally confiscated," raising industry concerns about the legality and fairness of the liquidation process. The rights of creditors have been severely harmed, reflecting the collapse of the trust system in the crypto industry and the lack of legal protection.
Robinhood and Republic are promoting the on-chain tokenization of private company equity through different paths. Robinhood leverages relaxed regulations in Europe to issue equity tokens linked to OpenAI and SpaceX, adopting a "proxy equity + on-chain trading" model; while Republic has launched Mirror Token under the U.S. regulatory framework, binding the rights to the earnings of private companies through contracts, giving retail investors the opportunity to participate in the growth dividends of star unicorns like SpaceX and Anthropic. The two models reflect a divergence in paths and regulatory games in the global trend of investment democratization, with one being transaction-heavy from a brokerage background and the other emphasizing a compliant ecosystem from a private placement platform.
“Interview with Robinhood Co-Founder: Why Are We Building Our Own Chain? | In-Depth Interview”
Robinhood CEO Vlad Tenev elaborated in an interview with Bankless on the company's vision of expanding its territory as a "financial operating system": including private equity tokenization, prediction markets, AI smart advisory, and options strategy platform Cortex, Robinhood Strategies, and cash delivery services. Tenev stated the goal is to tokenize equity in star private companies like OpenAI and SpaceX, allowing global retail investors to easily invest in these private companies on-chain; he emphasized that Robinhood serves as a connector between TradFi and DeFi, promoting the legalization of prediction markets, stablecoin legislation, and compliance of crypto securities. He also revealed that Robinhood is building a new financial platform integrating AI, on-chain functionalities, and private banking services to bring high-net-worth services to the public at an affordable price.
“This U.S. Company Spent $10 Million on a ‘Pixiu Coin’”
Dogecoin Cash Inc. has transformed from a medical cannabis service to a crypto asset layout, aggressively acquiring and holding a meme coin token named DOG through multiple subsidiaries, accumulating billions of tokens. However, its token has low liquidity and differs from the real Dogecoin (DOGE). Although the company has established a dedicated subsidiary to support Dogecoin-related projects, it has not explicitly stated that it holds DOGE assets. The company's stock price has recently fallen over 80%, with ownership highly concentrated among the CEO and executives, while institutional investors hold a small stake, and public retail investors occupy a large share of the circulating supply, reflecting a characteristic of executive dominance and low institutional participation.
“Exclusive from Rhythm: Eyenovia Soars 300% Behind Hyperliquid’s ‘Ecosystem Listing’ Plan”
Eyenovia, a near-delisting ophthalmic company, has made a significant move by investing $50 million in a public equity private placement to acquire the rapidly growing on-chain trading platform Hyperliquid's native token HYPE, planning to make it a core treasury asset and achieve a strategic transformation from traditional business to the crypto ecosystem. The company's new Chief Investment Officer, Hyunsu Jung, has extensive DeFi operational experience, pushing Eyenovia to not only hold tokens but also participate in ecosystem building through staking and node operations, creating a compound return model. The unique deflationary mechanism of the HYPE token and its inherent fee buyback and burn characteristics provide a solid value foundation and growth potential, making it a key asset for the company. Despite external doubts about its ability to achieve sustainable financial transformation, Eyenovia has developed hedging strategies to manage risks and is actively participating in on-chain node operations, striving to seize opportunities at the intersection of traditional finance and the crypto world.
“Will Vibe Coding Become the Next Big Narrative After AI Agents?”
Vibe coding is a new programming method based on powerful large language models that significantly lowers the development threshold, allowing users to generate usable applications using everyday language, greatly simplifying traditional programming processes. In the crypto space, several vibe coding platforms such as dev.fun, poof.new, Remix, and Ohara have emerged, enabling users to quickly generate lightweight apps through voice or text descriptions of their needs, and combining token economics to achieve value capture and community interaction. While vibe coding may not have the groundbreaking narrative of AI Agents, its strong content creation capabilities and low barriers to entry are expected to drive innovation in meme coins and applications in the crypto space, especially against the backdrop of a strong Bitcoin and active altcoin market, making vibe coding a potential new growth engine.
The global capital market is experiencing a crypto wave, with more and more public companies building new value-driven engines through crypto trading platforms, stablecoin issuance, crypto asset reserves, blockchain technology, and mining layouts, driving stock price surges and reshaping market valuations. Representative companies like Coinbase, MicroStrategy, Tesla, and Galaxy Digital play core roles in five key tracks, promoting the deep integration of traditional capital and crypto assets, leading to balance sheet reconstruction and changes in future valuation logic, making it one of the most promising investment directions in the current capital market.
“Robinhood's Launch Event: Why Embrace the ‘Old Money’ Aesthetic?”
At the launch event held in Cannes, Robinhood showcased its brand's strategic transformation from grassroots disruption to mature stability by borrowing from classic films and the aesthetics of "old money" aristocracy, highlighting its appeal to high-net-worth clients while signaling the integration of crypto and traditional finance, reflecting its global expansion ambitions and identity as a new player in the fintech field.
World Liberty Financial (WLFI), co-founded by the Trump family, has its core product as a stablecoin USD1 fully backed by U.S. dollars and U.S. Treasury reserves, currently circulating around $2.2 billion, mainly concentrated on the BNB chain, with over 93% held by Binance. The project relies on the political influence of the Trump family to gain certain cooperation and investment support, but the WLFI token itself is purely a governance token, not participating in profit distribution, and there are uncertainties regarding the shareholding ratio and token unlocking rules, posing potential risks. WLFI's valuation can be referenced against Circle's stablecoin market cap and market cap ratio, with the current valuation being relatively low, and the market has significant divergence regarding its future development, hinging on the passage of the Genius stablecoin bill and whether the Trump family will use it as an important tool for interest transfer.
“From McDonald's ‘Worker’ to Robinhood Vice President: Johann Kerbrat's Comeback Life”
Johann Kerbrat has transformed from a young man self-learning programming in a small apartment while working at McDonald's to becoming a Senior Vice President at Robinhood, leading the company in continuous innovation and expansion in the crypto field, launching non-custodial wallets, tokenized U.S. stock, and ETF trading services aimed at ordinary users, and strategically acquiring the European trading platform Bitstamp to establish a compliant market, striving to create a seamless and user-friendly crypto financial infrastructure that deeply integrates traditional finance and blockchain.
“CEX Crypto Payment Card ‘Battle Royale’: Which Offers Better Cashback, Fees, and User Experience?”
Several leading centralized crypto exchanges are entering the crypto payment space by launching or upgrading crypto credit cards, debit cards, and payment apps, facilitating the connection between crypto assets and real-world consumption, primarily covering the European Economic Area and the U.S., with cashback rates typically ranging from 2% to 10%. Each platform has its unique features: Coinbase partners with American Express to launch the tiered subscription Coinbase One Card; Gemini emphasizes instant cashback in various cryptocurrencies based on spending categories; Crypto.com establishes a tiered cashback system; Kraken releases the Krak App, integrating multi-currency management and peer-to-peer payments; Bybit and Bitget promote crypto debit and credit cards supporting multiple currencies; while platforms like MEXC, Gate, and KuCoin focus on the European market, offering diverse cashback and convenient crypto exchange services.
“a16z Internal Review: AI Social Products May Fundamentally Not Exist”
The explosion of consumer-grade products over the past decade has accompanied a transformation in social paradigms. Today, AI is shifting from a tool to an expressive subject and emotional carrier, driving the reconstruction of identity and social relationships. AI products not only replace humans in completing tasks but also blur personality boundaries, bringing about a qualitative change beyond efficiency improvements. Although AI-generated content is widely disseminated on traditional platforms, a truly AI-native social network has yet to form, as emotional tension is difficult to replicate. The rise of AI companions and digital avatars meets people's diverse needs for companionship and expression, pushing social interactions toward deep emotional connections and a blend of virtual and real experiences. In the future, AI will accelerate innovation in various fields, including personalized creation, enterprise applications, and wearable devices, reshaping interpersonal interactions and identity recognition.
“72 Applications for Altcoin ETFs: Creating Real Value or Speculation Dressed in Regulatory Garb?”
Since the beginning of 2024, the success of Bitcoin spot ETFs has attracted massive institutional funds, promoting the compliance process of crypto assets, while triggering a wave of applications for altcoin ETFs. However, altcoin ETFs face challenges of smaller fund sizes and intense competition. Staking yields have become a new selling point for altcoin ETFs, intensifying competition in management fees, and the industry is gradually mainstreaming, though the market remains skeptical about whether they create real value.
“‘Physical BTC’ Emerges: A 13-Year, 20,000-Fold Investment Miracle”
A Bitcoin veteran named John Galt purchased a physical gold bar containing 100 Bitcoins for $500 in 2012. After holding it for 13 years, he cashed it in this May, earning over ten million dollars in returns, becoming another wealth creation miracle that shocked the crypto world. This story not only reveals the enormous wealth returns for long-term BTC holders but also rekindles interest in early physical Bitcoin collectibles (such as Casascius physical BTC), symbolizing the unique "diamond hands" myth in the crypto world.
“From Japanese Hotels to ‘Asian MicroStrategy’: Metaplanet CEO Shares Insights on Bitcoin Strategy”
Metaplanet CEO Simon Gerovich emphasized that Bitcoin, as a scarce and decentralized premium asset, is digital gold and a preferred means of value storage. The company focuses on long-term accumulation of Bitcoin, never selling, and continuously increasing the per-share Bitcoin holdings through innovative financing models, helping investors hold Bitcoin indirectly in a more tax-friendly manner. Gerovich is optimistic about the widespread adoption of Bitcoin in the future, expecting multiple "Bitcoin superpowers" to emerge, with Japan actively catching up while the U.S. currently leads. Bitcoin asset companies are in a gold rush phase, and future stock prices will more accurately reflect their Bitcoin value. While Bitcoin is not suitable for everyday payments, it is indispensable for asset allocation. The company ensures asset safety through transparent custody and promotes Bitcoin education and cultural dissemination, firmly moving towards a 100% Bitcoin business transformation.
“Trend Research: Under Currents, ETH Value Discovery is on the Eve of Explosion”
As the stablecoin bill approaches passage, the stablecoin and asset tokenization market is rapidly expanding, with traditional financial institutions increasingly laying out Ethereum-based tokenized assets and DeFi ecosystems. This drives the on-chain integration of real assets such as government bonds, private credit, stocks, and commodities, revolutionizing settlement efficiency, liquidity, and global accessibility. With its security, mature ecosystem, and decentralized advantages, ETH has become the preferred digital asset foundation for institutions, and is expected to see a repricing of long-term strategic value and rapid growth.
“Bridgewater Founder: Key Principles When Considering Massive Government Debt and Deficits”
When national debt is excessively high, governments typically alleviate debt pressure by lowering real interest rates and currency exchange rates. This stimulates the economy and boosts asset prices in the short term, but in the long run, it undermines the real returns on currency and debt, leading to higher inflation and increased debt burdens. While currency devaluation reduces debt repayment pressure, it subtly erodes the purchasing power of wealth, creating a situation that is popular in the short term but harmful in the long term. Holding hard currencies like gold is seen as an effective strategy to counter this trend, achieving risk diversification and value preservation.
“Arthur Hayes: How Stablecoins Become the ‘Antidote’ to the U.S. Treasury Crisis”
Stablecoins are becoming a key tool for the U.S. Treasury and large banks to promote Treasury financing and market liquidity. Through the issuance of stablecoins, systemically important banks can release trillions of dollars in purchasing power for Treasury bills, thereby supporting the government's massive deficits and high stock market levels while reducing banks' compliance costs. The stablecoin market is protected by policy, limiting non-bank competitors' participation. In the future, this massive liquidity is expected to drive up risk assets, and investors should pay attention to opportunities related to large banks and Bitcoin.
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