BlockBeats will curate key industry news from the week of 7.1-7.6 in this article and recommend in-depth articles to help readers better understand the market and stay informed about industry trends.

Important News Recap

Trump Officially Signs "Beautiful Act," But Cryptocurrency Tax Incentive Provision Is Not Included

On July 5, U.S. President Trump signed the "Beautiful Act" into law, effective immediately. The U.S. House of Representatives voted on the afternoon of the 3rd with 218 in favor and 214 against to pass President Trump's "Beautiful Act." The Act has been controversial due to its impact on federal aid cuts, increasing long-term debt, and tax cuts for the wealthy and large corporations. The Act was passed by the Senate on the 1st of this month but did not include key tax amendment provisions that could have benefited cryptocurrency users due to lack of time. A cryptocurrency policy leader expressed disappointment at this outcome, calling it a "missed opportunity" for the industry. Related reads: "What's in the 'Beautiful Act' that Made Musk Furious?", "Decoding the 'Beautiful Act': Shaping a New Landscape for the Crypto and Stablecoin Market"

Musk Announces Formation of U.S. Party Due to Dissatisfaction with "Beautiful Act," Hinting at Participation in Next Year's Midterm Elections

On July 1, Musk tweeted that if the "Beautiful Act" passed, he would create a new U.S. political party the next day. On the 6th, Musk announced the formation of the U.S. 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 U.S. Party is to restore your freedom." On the same day, Musk hinted in response to community questions that the "U.S. Party" would participate in next year's midterm elections. In response to speculation by netizens that the U.S. Party's political agenda might include reducing debt spending, promoting AI technology development, and fully relaxing regulations, Musk replied, "Exactly!"

Bitcoin Ancient Whale, Dormant for 14 Years, Activates Over 80,000 BTC This Week, Achieving a Return of Approximately 140,000x

On July 4, according to Lookonchain monitoring, a Bitcoin whale dormant for 14 years has activated all 80,009 BTC in its address, worth $8.69 billion. The whale received 20,000 BTC on April 2, 2011, valued at $15,600 at the time and now worth $2.18 billion, achieving a return of 140,000 times. According to Coinbase executive Conor Grogan, the whale may have been an independent miner in 2011. It once collected mining rewards from 180 blocks and owned an address with 200,000 BTC in 2011, worth around $22 billion today, making it one of the top five wallets of all time.

Robinhood Launches Tokenized Stocks on Arbitrum, Building Dedicated RWA Layer 2 Network

On June 30, digital brokerage firm Robinhood (HOOD) announced at the Cannes product launch event that it would expand its crypto business footprint through a series of new initiatives, including developing its own blockchain network on Arbitrum (tentatively named Robinhood Chain) and launching tokenized stock trading. The company has rolled out tokenized stock products based on the Ethereum Layer 2 network Arbitrum for European users, covering over 200 US stocks and ETFs, supporting round-the-clock trading on weekdays. In a statement, Robinhood said this move will upgrade its European crypto app into a "crypto-powered all-in-one investment platform." The new chain based on the Arbitrum technology stack is designed to support 24/7 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 reads: "Robinhood's High-Profile Cannes Product Launch Event Sets Off a Chain-on Brokerage Competition", "In Conversation with Robinhood Co-founder: Why Are We Building Our Own Chain? | In-depth Interview", "Robinhood's Product Launch Event: Why the Emphasis on 'Old Money'?", "With So Many Options in the Tech Stack, Why Did Robinhood Choose Arbitrum to Launch Its Chain?"

Robinhood Gives Eligible European Users OpenAI and SpaceX Tokens; OpenAI Denies Granting Authorization to Robinhood

On June 30, Robinhood announced that Robinhood EU has launched the world's first batch of tokenized shares of private companies, including OpenAI and SpaceX tokens. Robinhood EU is giving away for free the first batch of private company stock tokens from OpenAI and SpaceX. On July 3, OpenAI officially released a statement denying authorizing Robinhood to launch related tokenized stocks, stating that the so-called "OpenAI token" does not represent company equity and that there has been no cooperation or endorsement of the project with Robinhood. On the same day, Robinhood CEO Vlad Tenev responded, "The promotion of tokenized stocks is a seed of a larger vision, where these tokens are not technically equivalent to stocks but can still allow retail investors to track changes in company valuation. Users can see the specific mechanism in our terms." The brokerage's official website also explicitly states that these "stock tokens" do not represent actual company equity but are a type of blockchain-based derivative contract whose price tracks the market value changes of real stocks. Related read: "Why OpenAI Does Not Want to Trade 'Stocks' on Robinhood?"

FTX Creditor Representative: 82% of FTX Restricted Claims Funds Come from Chinese Users, Potential Asset Seizure if Restrictions Confirmed

On July 4, FTX Creditor Representative Sunil posted on social media stating that in the restricted country claims of FTX, 82% of the claims funds belong to Chinese users. However, 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 to distribute to potential restricted foreign jurisdictions if possible. If it is determined that residents belong to a restricted foreign jurisdiction and the claims become controversial, the distribution may be seized. Related Read: "FTX Liquidation Raises Legal Disputes, Will Chinese Users Lose Eligibility for Compensation?" and "FTX Bankruptcy Lawyer Does Not Compensate Domestic Victims, How Much Does He Earn Himself?"

Navigo Pharma Proposes to Acquire All Equity of Conflux; Both Conflux Founders Serve as Navigo Pharma Executive Directors

On July 1, Hong Kong-listed company Navigo Pharmaceutical Biotechnology (00399) announced that on June 30, 2025, the company (as the buyer) entered into a memorandum of understanding with the seller (Northwestern Foundation) and Conflux regarding a potential acquisition of all equity of the target company, subject to the completion of the acquisition of Conflux assets by the company. According to publicly disclosed information, Conflux's two founders, Long Fan and Wu Ming, both serve as executive directors of Hong Kong-listed company Navigo Pharmaceutical Biotechnology.

Ethereum Community Foundation Officially Established, Aims to Drive ETH Price Increase

On July 2, according to reports, based on an announcement by Ethereum core developer Zak Cole, a new organization called the Ethereum Community Foundation (ECF) has been established to support institutional adoption of Ethereum infrastructure and ultimately drive up the price of ETH. Cole stated that the organization has currently raised millions of dollars' worth of ETH, which will be used to support projects building "trusted neutrality" technology. According to Cole's statement, ECF's first project is the "Ethereum Validator Association (EVA)," which aims to give network validators more say in protocol development and express preferences using staked ETH. It is currently unclear which organizations or individuals are supporting the operation of this foundation. Cole stated that more details will be announced in the coming weeks. Related Read: "Establishment of Ethereum Community Foundation (ECF): Speculative Hype or Community Awakening Determination?"

AEX Exchange Founder of AnYin Released on Bail in Thailand

On July 4, according to user X @chaoge_btc, Huang Tianwei, the founder of the AEX Exchange, which collapsed in 2022, was released on bail by his family in Thailand on July 3 at 19:00. To date, only three original platform whales have recovered some of their assets from the exchange collapse. The platform has been in operation since 2013, with many users being long-time OGs in the crypto industry, and a significant amount of user funds are locked up. Currently, Huang Tianwei is still refusing to allow any users to withdraw their funds. Earlier, on June 12, AEX founder Huang Tianwei was arrested by the Mae Sai District Police Station in Chiang Rai, Thailand.

JPMorgan: Alipay and WeChat Pay Are Not Templates for Stablecoin Expansion in the Future

On July 4, JPMorgan predicted that by 2028, stablecoin growth would only reach $500 billion, deeming the trillion-dollar forecast "overly optimistic" as there is hardly any evidence to suggest that crypto tokens pegged to the US dollar will be widely adopted. Currently, stablecoin payment applications remain scarce, accounting for only 6% of the demand, approximately $15 billion, mainly concentrated in cryptocurrency trading, decentralized finance, and the collateral space. Furthermore, regarding Ant Group's plan to obtain a license to issue a stablecoin 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 models for future stablecoin expansion.

WhiteRock Founder Arrested in the UAE, Allegedly Involved in $30 Million Fraud through ZKasino

On July 4, blockchain sleuth ZachXBT posted on social media revealing that UAE authorities have detained Ildar Ilham, the founder of the decentralized finance protocol WhiteRock Finance, accusing him of conducting a $30 million fraud through the gambling platform ZKasino. The details of the case indicate that when the ZKasino platform launched in April 2024, it promised to airdrop native tokens to specific users, but over a year later, it had not fulfilled this commitment. In April of this year, Dutch authorities arrested a 26-year-old individual (allegedly the crypto influencer Elham Nourzai) on charges including fraud, embezzlement, and money laundering. ZachXBT noted that Ilham's arrest is related to the investigation of Nourzai and ZKasino, and extradition proceedings to the Netherlands are currently underway.

"What Is Stablecoin" Becomes Top Trend on Douyin (Chinese TikTok)

On July 5th, the topic of "What Is a Stablecoin" topped the Douyin Hot Search List with a heat level of 12.125 million.

Jingdong and Ant Group Are Proposing Central Bank Approval for RMB-Based Stablecoin

On July 4th, according to Reuters, sources familiar with the matter stated that Jingdong and Ant Group are proposing central bank approval for an RMB-based stablecoin. Jingdong, in closed-door discussions with the People's Bank of China, stated the urgent need to use an offshore RMB stablecoin as a tool to promote the internationalization of the RMB. The sources also stated that Ant Group is preparing to apply for stablecoin licenses in Hong Kong and Singapore and is also preparing for an offshore RMB stablecoin.

Post-00s Drug Trafficker Uses Virtual Currency for "Contactless" Drug Dealing and Is Finally Captured in Shanghai

On June 30th, it was reported that during recent arrests of drug users, the Shanghai police found that these drug users were contacting drug traffickers through overseas messaging apps. They would make payments using virtual currency as instructed and receive photos of the buried drug stash from the traffickers. Ultimately, a post-00s drug trafficker named Li Qi was captured. He admitted that after receiving the drugs, he could make a profit of 50 yuan for each stash buried. In just a few days, he buried hundreds of stashes. He drove across 7 provinces, dug and buried the drugs, took location photos, and led buyers to dig up the drugs like a "treasure hunt." Li Qi even lived and ate in his car, turning the vehicle into a "mobile drug trafficking vehicle." Currently, the suspect Li Qi has been arrested on suspicion of drug trafficking and has been lawfully detained by the procuratorial organ.

Jupiter Launches Token Launch Platform Jupiter Studio

On July 3rd, Jupiter launched the token launch platform Jupiter Studio, where users can quickly launch tokens through preset templates or choose advanced customization options, including support for initial coinage in USDC, SOL, or JUP, setting market caps, and a flexible token vesting schedule. The platform also includes a 50% exchange fee revenue, post-launch LP unlock mechanism, anti-sniping protection mechanism, and up to an 80% token vesting and unlock schedule. Read more: "Jupiter's Native Ideation Platform Launches, Will It Spark a New Wave of Meme Hype?"

Letsbonk.Fun Platform's Trading Volume in the Past 24 Hours Surpasses pump.fun; BONK Sees Over 16% Price Increase in the Last 24 Hours

On July 3rd, the Solana ecosystem token issuance platform Letsbonk.Fun had a 24-hour trading volume of $107 million, surpassing pump.fun's $104 million, ranking first. On the 5th, according to Dune Analytics, Letsbonk.Fun launched 7,714 meme coins the previous day, second only to Pump.fun's 19,367, creating a significant gap from the third-place Jup Studio with 2,372. According to official data, Letsbonk.Fun's platform's trading volume in the past 24 hours reached $95.36 million, generating a fee of $327,000, with an estimated annual income of $38.25 million. Possibly due to the influence of the Letsbonk.fun platform's popularity, BONK saw a price increase of over 16% in the last 24 hours.

xStocks, the stock RWA token launched by Backed, is now officially live and available on several 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, further bridging the gap between listed company stocks like Apple, Amazon, Microsoft, and native crypto platforms. The approximately 60 stocks and ETF tokens launched in this initiative are available for trading 24/7 on weekdays. Bybit and Kraken will be the first exchanges to support trading of these tokens, and integration has already been completed with DeFi applications such as Kamino Swap, Raydium, and Jupiter. In addition, GMGN has partnered with xStocks to enable users to trade US stocks on the Solana blockchain. Related reads: "From Robinhood to xStocks, How is the Tokenization of US Stocks Achieved?", "Getting Started with Tokenized US Stock Trading: 10 Questions to Understand the Mainstream Platform xStocks", "In 2025, Immersing in US Stock Tokenization: My Youth Stayed in 2020's Liquidity Mining"

Bitcoin's July Historical Return Rate: 8 Increases and 4 Decreases Since 2013

On June 30, according to Coinglass data, in Bitcoin's historical 12 "July" price movements since 2013, there have been 8 increases and 4 decreases, with the largest increase occurring in July 2020, when the monthly increase reached 24.03%; the largest decrease took place in July 2014, with a monthly drop of 9.69%. From 2013 to the present, the average return rate for Bitcoin's "July" price movements is 7.56%. Related read: "The 'Wait-and-See' July: Can Altcoins Spring Back to Life? | Trader's Observation"

The 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 staked ETF would start trading on Wednesday. On July 2, Bloomberg ETF analyst James Seyffart tweeted that the first SOL Spot ETF, the REX-Osprey SOL + Staking ETF (SSK), had a strong start to trading with a trading volume of around $8 million in the first 20 minutes. According to the day's market data, the ETF's first-day trading volume was $33.914 million. Related reads: "First SOL Staking ETF in the U.S. Launched: Institutional Compliance Era Begins" and "SOL ETF Approved, What SOL Concept Stocks Are in the U.S. Stock Market?"

Data: Trump Family Profits Nearly $620 Million from Cryptocurrency Projects in Recent Months

On July 3, it was reported that the Trump family had made approximately $620 million from cryptocurrency projects in recent months, accounting for nearly 10% of the Trump family's $6.4 billion net worth. The Trump family received around $390 million from World Liberty's token sale, $150 million from the launch of Trump Meme Coin, and additional earnings from other cryptocurrency projects. This appears to be the first public account of the Trump family's involvement across several crypto projects, ranging from meme coins to Bitcoin mining operations. Trump's earliest cryptocurrency projects involved a series of NFT trading cards. In 2022, he launched his first NFT collectibles, offering 45,000 on-chain collectibles at $99 per token. By the fourth series released in 2024, Trump disclosed that he had earned over $7 million from NFTs and held around $5 million worth of Ethereum. Related read: "Trump Family Rakes in $620 Million in Six Months, Crypto 'Printing Money' Over Three Generations of Family Business"

SEC Suspends Grayscale's Bitcoin ETF Conversion Plan, Will Further Review

On July 3, it was disclosed that the U.S. Securities and Exchange Commission (SEC) has suspended Grayscale's Bitcoin Trust conversion to an Exchange-Traded Fund (ETF) and placed it under further review. The fund was originally planned to be listed on the New York Stock Exchange Arca platform and become a spot ETF covering multiple assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA).

YZi Labs Announces Investment in Digital Asset to Advance Compliance Infrastructure Development

On July 3, YZi Labs announced an investment in the privacy blockchain network Canton Network developer Digital Asset. This investment was made on top of Digital Asset's announced $135 million Series E funding round on June 24. This funding round also included participation from major financial institutions such as DRW, Tradeweb, DTCC, Citadel Securities, and Goldman Sachs. Related reading: "YZi Labs's Latest Investment: Digital Asset Quietly Building a $40 Trillion RWA Network"

Next Week's Cryptocurrency Market Structure Full Committee Hearing to Feature Ripple CEO and Others

On July 3, according to cryptocurrency journalist Eleanor Terrett, the Republican Banking Committee will hold a full committee hearing on cryptocurrency market structure next week. The hearing is scheduled for Wednesday morning at 10:00 AM ET. Confirmed participants currently include: Brad Garlinghouse, CEO of Ripple; Kristin Smith, CEO of the Blockchain Association; Jonathan Levin, CEO of Chainalysis; Dan Robinson, Partner at Paradigm.

Australian Cryptocurrency Billionaire Kidnapped, Escapes by Biting Kidnapper's Finger

On July 3, it was reported that Australian cryptocurrency billionaire Tim Heath successfully escaped from a carefully planned kidnapping attempt by biting off the attacker's finger. According to testimony in an Estonian court last week, the attacker disguised himself as a painter and used a GPS tracker and a burner phone to monitor Heath's movements. Following the incident, Heath has invested around 2.7 million euros 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 being kidnapped and having his finger cut off in January 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-world identities. Related reading: "Kidnapping Ransom, Fatal Murders, Nested Cases, Five Cases of Coin Circle Incidents"

Backpack Season 2 Points Event Launch Day System Malfunction, Official Says Users Can Apply for Compensation

On July 3, Backpack's Season 2 Points Event officially kicked off. On that day, Backpack experienced a major system failure due to a maintenance error, resulting in chaotic user orders, loss of position data, and some traders suffering unexpected losses. Subsequently, Backpack's official social media post stated, "All users holding positions today will receive double points rewards. For users who suffered unexpected losses during the maintenance, please send an email to Backpack's official email address, and we will process compensation after investigation and confirmation."

Connecticut Governor Signs Bitcoin Reserve Ban Bill

On July 1, according to reports, U.S. 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 National Cryptocurrency Reserve

On June 30, according to reports, Timur Suleimenov, the Governor of the National Bank of Kazakhstan, stated that the country plans to establish a national cryptocurrency reserve, with funds coming from seized digital assets and tokens mined by state-owned mining farms. This reserve will be managed by a central bank subsidiary using the model of a sovereign wealth fund, including a single manager structure and transparent audit mechanism. It is reported that Kazakhstan currently holds 13% of the global Bitcoin hashrate share, implemented a miner licensing system after a 2022 power shortage, and seized nearly $200 million worth of illegal mining rigs.

U.S. Department of Justice Busts Largest-Ever Healthcare Fraud Scheme, $245 Million in Cryptocurrency, Cash Seized

On July 3, according to Forbes, the U.S. Department of Justice announced the bust of the largest-ever healthcare fraud scheme, with a total of 324 defendants charged, involving over $14.6 billion in false claims. These defendants include 96 medical professionals such as doctors, nurses, pharmacists, distributed across all 50 federal districts and 12 state attorney general offices. This operation also seized over $245 million in cash, cryptocurrency, luxury cars, and assets. Additionally, 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 Major Fundings: 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 large-scale private placement, issuing 55,555,556 shares at a price of $4.50 per share. The transaction was led by MOZAYYX, with participation from Founders Fund, Pantera, and other well-known investment institutions. BitMine plans to use the raised funds primarily to accumulate Ethereum (ETH) as a core reserve asset while continuing to maintain its Bitcoin mining core business. Related reading: "Surging 30x in Four Days, BitMine Sparks a Stock Market ETH Reserve Trend"

On July 1, it was reported that Amber International, a crypto financial institution service and solution provider under Amber Group, announced the successful signing of a $25.5 million private placement subscription agreement, with participation from Mile Green, Harvest Capital, Pantera Capital, Choco Up, and others.

On the same day, according to reports, TWL Miner, a UK AI cloud mining platform, announced the completion of a $95 million Series B financing round, with multiple blockchain and sustainable technology investment institutions participating. The 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, with a post-investment valuation of $1 billion. Ribbit Capital led the round, with participation from crypto VC Pantera Capital. This financing round involved selling approximately 5% of the equity and did not include any cryptocurrency shares.

On July 4, the decentralized cloud platform Impossible Cloud Network (ICN) announced the completion of a €28.8 million financing, with a latest valuation of €3.98 billion. 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 multiple CEXs such as Binance and Kraken.

On the same day, it was reported that Web3 game studio Distinct Possibility Studios raised $30.5 million in funding, with Bitkraft Ventures and Brevan Howard Digital co-leading the investment.

This Week's Top Articles

"Robinhood's High-profile Product Launch at Cannes in Summer, Completely Igniting the On-chain Brokerage Competition"

At this week's Cannes event, Robinhood put forward their grand vision: to completely reshape the global asset trading system through blockchain and tokenization. It launched tokenized US stocks, perpetual contracts, and private equity tokens in Europe, consolidating these products into an All-in-One Investment App; in the U.S., it focuses on staking, an AI assistant, and low-fee smart trading to retain active users; most disruptively, it has built the Robinhood Chain based on Arbitrum, which will support on-chain circulation of real assets like stocks, private placements, and real estate, aiming to become the new infrastructure for global financial assets.

"Five Cryptocurrency-related Cases: Kidnapping Ransom, Desperate Homicide, Nested Cases, and More"

With the popularity of cryptocurrency, real-world violent threats are also rapidly increasing, especially the so-called "wrench attacks"—where victims are violently coerced to surrender their crypto assets. In the first half of 2025, there have been at least 34 such cases globally, reaching a historic high. These include the Bali couple tragedy, the kidnapping of Chetal's parents, the torture ransom of Ledger's co-founder, the anonymous extortion and malicious reporting to the police before Hal Finney's death, and even family tragedies erupting from crypto wealth disputes among family members. Cryptocurrency is becoming a high-value, high-risk new target for crime.

"Exclusive Interview with a Resupply Victim: Who Should Be Held Accountable for This $9.6 Million Loss?"

The Resupply protocol was attacked on June 26, resulting in a loss of approximately $9.6 million, sparking strong user discontent. Veteran player 3D revealed during the rights protection process that the project team's response was slow and communication was indifferent, offering only symbolic compensation for losses. They even banned and humiliated users when questioned by the community. He pointed out that there is a gray trust mechanism of Curve's "default endorsement" behind the project. However, Curve quickly distanced itself after the incident. The event exposed systemic issues in the DeFi industry, such as unclear responsibilities, lack of recourse for rights protection, and moral decay, shaking the confidence of many veteran players and questioning the industry's sustainability.

"Brad Pitt's F1 Movie, Making the Crypto Community Proud"

Brad Pitt's starring role in "F1: The Movie" has caused a sensation, attracting widespread attention including from the crypto community. The OKX logo on the car he drives and his racing suit has once again brought the collaboration between the crypto world and F1 to the forefront. Since FTX started sponsoring Mercedes, top exchanges such as Crypto.com, Coinbase, OKX, Bybit, Gate, Binance, and Kraken have successively partnered with top F1 teams in a high-profile manner, viewing sponsorship as a ticket to enter the elite circle. The exclusivity, elitist culture, and close ties to global political and business hubs of F1 have made this spending game not only about exposure but also about identity and resource alignment.

"Without Compensating Domestic Victims, How Much Did FTX's Bankruptcy Lawyer Earn?"

During the FTX bankruptcy liquidation process, Wall Street bankruptcy expert John Ray and his law firm Sullivan & Cromwell took over the assets at a high cost but quickly sold off core investments including Cursor, Mysten Labs, and Anthropic at prices far below their true value. This led to the loss of billions of dollars in assets, with creditors, especially Chinese users, having their claims eligibility deprived and even assets "legally confiscated," sparking industry doubts about the legitimacy and fairness of the liquidation. Creditors' rights have been severely compromised, reflecting the breakdown of trust in the crypto industry and the lack of legal protection.

"Figma Expected to Launch the Largest IPO in the US This Year, Can You Buy Its Private Equity on Republic?"

Robinhood and Republic are taking different paths to drive the tokenization of equity in pre-IPO companies. Robinhood is leveraging Europe's lenient regulations to issue tokenized equity linked to companies like OpenAI and SpaceX, following the model of "equity custody + on-chain trading." On the other hand, Republic has introduced the Mirror Token under the US regulatory framework, binding the rights to the earnings of pre-IPO companies through contracts, giving retail investors the opportunity to participate in the growth dividends of star unicorns like SpaceX and Anthropic. The two models, one from a brokerage background emphasizing trading and the other from a private platform focusing on a compliant ecosystem, reflect the diversification of paths and regulatory competition in the global trend of investment democratization.

"Robinhood Co-founder Dialogue: Why Are We Building Our Own Chain? | In-depth Interview"

Robinhood CEO Vlad Tenev elaborated on the company's vision of a comprehensive expansion as a "financial operating system" in a Bankless interview: including the tokenization of private equity, prediction markets, AI-powered investment advice, the Cortex options strategy platform, Robinhood Strategies, and cash delivery services. Tenev proposed tokenizing equity of star private companies like OpenAI and SpaceX, allowing global retail investors to easily invest in these unlisted companies through the blockchain. He emphasized that Robinhood is a connector between TradFi and DeFi, aiming to promote the legalization of prediction markets, stablecoin regulations, and the 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 democratically bring high-net-worth services to the public.

"This U.S. Stock Company Spent $10 Million on a 'Pixiu Coin'"

Dogecoin Cash Inc., formerly a cannabis medical service, transitioned to a crypto asset layout, acquiring and holding a significant amount of a meme coin token named DOG through multiple subsidiaries, accumulating billions of tokens. However, its token has low liquidity and is different from the real Dogecoin (DOGE). While the company established a dedicated subsidiary to support Dogecoin-related projects, it did not explicitly hold DOGE assets. The company's stock price recently plummeted by over 80%, with high ownership concentration among the CEO and executives. Institutional investors hold a small portion of the shares, while public retail investors hold a significant circulating share, presenting a characteristic of executive dominance and low institutional involvement.

"Rhythm Exclusive | Behind Eyenovia's 300% Surge, Hyperliquid's 'Eco-listing' Plan"

Eyenovia, a struggling ophthalmology company on the verge of delisting, conducted a $50 million public equity private placement to heavily invest in the high-growth on-chain trading platform Hyperliquid's native token HYPE. The company plans to make it a core treasury asset, facilitating a strategic shift from traditional business to the crypto ecosystem. The newly appointed Chief Investment Officer, Hyunsu Jung, brings ample DeFi trading experience, driving Eyenovia to not only hold the token but also participate in the ecosystem development through staking and node operation, creating a compounding revenue model. The unique deflationary mechanism and intrinsic fee buyback and burn feature of the HYPE token provide a solid value foundation and growth potential, making it a key asset for the company's bet. Despite doubts from the outside world about its ability to achieve sustainable financial transformation, Eyenovia has devised hedging strategies to manage risks and actively engaged in on-chain node operation, aiming to seize opportunities at the intersection of traditional finance and the crypto world.

"Will Vibe Coding Become the Next Big Narrative after AI Agent?"

Vibe coding is a novel programming approach based on a powerful language model that significantly reduces the development barrier. It allows users to have AI generate usable applications based on everyday language, greatly simplifying the traditional programming process. In the crypto world, several vibe coding platforms such as dev.fun, poof.new, Remix, and Ohara have emerged, supporting users in quickly describing requirements through voice or text to generate lightweight apps. These platforms combine tokenomics to achieve value capture and community interaction. While vibe coding may not possess a groundbreaking narrative like the AI Agent, its strong content creation ability and low barrier to entry are expected to drive innovation in meme coins and applications in the crypto world. Especially against the backdrop of Bitcoin dominance and active altcoin development, vibe coding has the potential to become a new growth engine.

"Overview of 44 Listed Companies' Crypto Strategies: Who Is Using Bitcoin as a Market Cap Engine?"

A global wave of crypto adoption has swept through the capital markets, with an increasing number of listed companies engaging in crypto trading platforms, stablecoin issuance, crypto asset reserves, blockchain technology, and mining activities. These companies are constructing a new value-driven engine that propels stock prices to soar and reshapes market valuations. Representative enterprises such as Coinbase, MicroStrategy, Tesla, and Galaxy Digital are playing a central role in five key areas, driving deep integration between traditional capital and crypto assets. This integration has led to balance sheet restructuring and a paradigm shift in future valuation logic, making it the most promising investment direction in today's capital markets.

"Robinhood's Product Launch: Why Embrace the 'Old Money' Trend?"

At a product launch event in Cannes, Robinhood showcased its brand transformation strategy from grassroots disruption to mature stability by borrowing elements from classic films and the aristocratic aesthetic of 'old money.' This approach not only highlights its appeal to high-net-worth clients but also signals the integration of crypto with traditional finance, reflecting its global expansion ambitions and identity as a rising star in the fintech sector.

"Token Unlocking Imminent: Untangling WLFI's Business, Background, Token, and Valuation Outlook"

World Liberty Financial (WLFI) was founded with the involvement of the Trump family. Its core product is the USD1 stablecoin, fully backed by the US dollar and US Treasury reserves. Currently, it has a circulating supply of around $2.2 billion, mainly on the BNB chain, with over 93% held by Binance. Leveraging the Trump family's political influence, the project has received some cooperation and investment support. However, the WLFI token itself is a pure governance token that does not participate in profit distribution. There is uncertainty regarding the token distribution and unlock rules, posing potential risks. WLFI's valuation can be referenced by the market cap and market ratio of Circle's stablecoin. The current valuation is relatively low, and the market holds a significant difference in opinions regarding its future development. The key lies in the passage of the Genius Stablecoin Act and whether the Trump family will use it as a key tool for interest transfer.

"From McDonald's 'Working Class' to Robinhood VP, Johann Kerbrat's Life Transformation"

Johann Kerbrat, a young man who self-taught programming in a cramped apartment and worked at McDonald's, has risen to become the Senior VP of Robinhood. He has led the company to continuously innovate and expand in the crypto field, launching non-custodial wallets for regular users, tokenized US stocks and ETF trading services. Through the acquisition of the European trading platform Bitstamp, the company aims to establish itself in the compliant market, striving to create a seamless and user-friendly crypto financial infrastructure, achieving a deep integration of traditional finance and blockchain.

"CEX Crypto Payment Card Battle: Cashback, Fees, User Experience – Who Comes Out on Top?"

Several top centralized crypto exchanges are actively entering the crypto payment sector by launching or upgrading crypto credit cards, debit cards, and payment apps to facilitate the connection between crypto assets and real-world spending. The main markets covered are the European Economic Area and the US, with cashback percentages ranging from 2% to 10%. Each platform has its own characteristics: Coinbase partners with American Express to introduce the tiered subscription Coinbase One Card; Gemini emphasizes instant returns in various cryptocurrencies by spending category; Crypto.com establishes a tiered cashback system; Kraken releases the Krak App integrating multi-currency management and peer-to-peer payments; Bybit and Bitget focus on multi-currency-supporting crypto debit and credit cards; platforms like MEXC, Gate, and KuCoin target the European market, offering diversified cashback and convenient crypto exchange services.

"a16z Internal Review: The Fundamental Failure of AI Social Products"

Over the past decade, the explosion of consumer products has been accompanied by a transformation in the social paradigm. Today, AI is shifting from being a tool to an expressive entity and emotional carrier, driving the reconstruction of identity and social relationships. AI products not only replace humans in completing tasks but also blur the boundaries of personality, bringing about a qualitative change in existence beyond efficiency gains. Although AI-generated content is widely disseminated on traditional platforms, a true AI-native social network has yet to emerge due to the difficulty of replicating emotional tension. AI companions and digital avatars are on the rise, meeting people's diverse needs for companionship and expression, driving social interactions towards deep emotional connections and a symbiosis of the virtual and physical. In the future, AI will accelerate innovation in personalized creation, enterprise applications, wearable devices, and other areas, reshaping interpersonal interactions and identity perception.

"72 Altcoin ETF Applications: Creating Real Value or Speculation in Regulatory Garb?"

Since 2024, Bitcoin spot ETFs have been highly successful, attracting massive institutional funds, driving the compliance of crypto assets, and triggering a wave of altcoin ETF applications. However, altcoin ETFs face challenges such as small fund size and intense competition. Staking rewards have become a new selling point for altcoin ETFs, prompting increased competition in management fees, mainstreaming the industry, while doubts remain in the market as to whether they create actual value.

"The Birth of 'Physical BTC': A 20,000x Investment Miracle Spanning 13 Years"

A Bitcoin veteran named John Galt purchased a physical gold bar containing 100 bitcoins for $500 in 2012, redeemed it after holding for 13 years in May this year, and received a return of over tens of millions of dollars, becoming another wealth creation miracle that has shocked the crypto community. This story not only reveals the immense wealth return of long-term BTC holders but also reignites interest in and pursuit of early physical Bitcoin collections (such as Casascius physical BTC), symbolizing the unique "diamond hands" myth of the crypto world.

"From a Japanese Hotel to 'Asian Microstrategy,' Metaplanet CEO, the Stock Price Surge King, Shares Insights on Bitcoin Strategy"

Metaplanet CEO Simon Gerovich emphasized Bitcoin as a scarce and decentralized high-quality asset, calling it digital gold and a preferred store of value. The company focuses on long-term accumulation of Bitcoin, never selling, and continuously increases its per-share Bitcoin holdings through innovative financing models to help investors indirectly hold Bitcoin in a more tax-efficient manner. Gerovich is optimistic about Bitcoin's future widespread adoption, anticipating the emergence of multiple "Bitcoin superpowers," with Japan actively catching up and the United States currently leading. Bitcoin asset companies are currently in a gold rush phase, and future stock prices will more accurately reflect their Bitcoin value. While Bitcoin is not suitable for everyday transactions, it is an essential part of asset allocation. The company ensures asset security through transparent custody and promotes Bitcoin education and cultural dissemination, firmly moving towards a 100% Bitcoin business transformation.

"Trend Research: Undercurrents Surging, ETH Value Discovery Enters the Eve of Explosion"

With the Stablecoin Act nearing passage, the stablecoin and asset tokenization market are rapidly expanding. Traditional financial institutions are actively entering the Ethereum-based tokenized asset and DeFi ecosystem, driving real-world assets such as government bonds, private credit, stocks, and commodities onto the blockchain. This revolution aims to enhance settlement efficiency, liquidity, and global accessibility. With its security, mature ecosystem, and decentralization advantages, ETH has become the institutional choice for digital asset infrastructure and is expected to undergo long-term strategic repricing and rapid growth.

"Bridgewater Fund Founder: The Most Important Principle When Considering Enormous Government Debt and Deficits"

When national debt becomes excessively high, governments typically alleviate debt pressures by reducing real interest rates and currency exchange rates. While this stimulates the economy and boosts asset prices in the short term, it eventually erodes the real returns on currency and debt, leading to higher inflation and increased debt burdens. Although currency devaluation eases debt repayment pressure, it stealthily erodes wealth purchasing power, 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 combat this trend, achieving risk diversification and value preservation.

"Arthur Hayes: How Stablecoins Became the 'Antidote' to the U.S. Treasury Crisis"

Stablecoins are becoming a key tool for the U.S. Treasury and major banks to drive government bond financing and market liquidity. Through stablecoin issuance, systemically important banks can unleash the ability to purchase trillions of dollars of treasury securities, thus supporting the government's massive deficit and high stock market levels while reducing bank compliance costs. The stablecoin market is protected by policies that restrict non-bank competitors' participation. In the future, this massive liquidity flow is expected to drive up risk assets, and investors should focus on opportunities related to major banks and Bitcoin.

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