Organized by: Nona
Fear and Greed Index: 50 (Greed)
Bitcoin Price: $108,332
BTC/ETH Spot ETF Fund Flow (7.7)
BTC Net Inflow: $216.5 M
ETH Net Inflow: $62.10 M
Regulation/Macro
Insider: US SEC Urges Issuers to Revise and Resubmit Solana Spot ETF Application by End of July
The U.S. Securities and Exchange Commission (SEC) is urging issuers to revise and resubmit their Solana spot ETF applications by the end of July. An insider stated that technically, the SEC must approve or reject such funds by October 10, but the agency seems eager to expedite the process and approve one or more funds before the deadline. Previously, REX-Osprey SOL and Staking ETFs received automatic approval and began trading last week under different regulatory rules.
Hong Kong's Stablecoin Regulation will take effect on August 1 this year, at which point the Hong Kong Monetary Authority will begin accepting license applications. Alex Zuo, Senior Vice President and Head of Payment Business at Cobo, told reporters, "Stablecoin licenses in Hong Kong are relatively scarce. On the surface, over 40 companies have submitted applications, and law firms have reported that dozens more are interested in applying. The competition is fierce, with competitors primarily being China's largest financial institutions and internet companies. Many small and medium-sized institutions may not even qualify to submit applications. Ultimately, it is expected that the licenses may only be in single digits."
Project/Company Updates
Hong Kong cryptocurrency concept stocks strengthened again at the close, with Guotai Junan International (01788.HK) rising over 25%, New Fire Technology Holdings (01600.HK) rising over 14%, and stocks like OSL Group (00863.HK), OKLink (01499.HK), and Huaxing Capital Holdings (01911.HK) also following suit.
The Blockchain Group Raises Approximately €3 Million to Advance Its Bitcoin Reserve Strategy
European listed company The Blockchain Group announced it has raised approximately €3 million (about $3.52 million) at an average price of about €4.056 per share to advance its Bitcoin reserve strategy.
Strategy announced it has signed a sales agreement. Under this agreement, Strategy will issue and sell its 10.00% Series A perpetual Stride preferred stock, with a par value of $0.001 per share, for a total issuance price of $4.2 billion. The strategy is expected to sell STRD stock in a regulated manner over a longer period under an ATM plan, considering the trading price and volume of STRD stock at the time of sale. Strategy intends to use the net proceeds from this plan for general corporate purposes, including acquiring Bitcoin and as working capital, and may also use the net proceeds to pay dividends to holders of its 10.00% Series A perpetual Strife preferred stock (par value $0.001 per share) and 8.00% Series A perpetual Strike preferred stock (par value $0.001 per share).
Bitcoin mining company Bit Digital tweeted that it has converted its Bitcoin holdings to Ethereum and raised approximately $172 million to purchase more Ethereum. As of now, it has accumulated 100,603 Ethereum and plans to actively increase its holdings.
The TON Foundation clarified that the UAE Golden Visa program stems from an independent collaboration between TON and a licensed partner focused on blockchain infrastructure and tokenized assets. This exploratory work has not yet reached any formal agreement with UAE government entities, and the collaboration is still in the early development stage, aiming to explore how a blockchain-based compliance framework can ultimately support real-world residency pathways. Any services must comply with all applicable laws and regulations, and merely applying does not guarantee visa issuance, as the authority to issue visas remains with the relevant UAE government agencies.
Address Marked as US Government Deposits 86.564 Ethereum into Coinbase Prime
An address marked as belonging to the U.S. government deposited 86.564 Ethereum into Coinbase Prime early in the morning, valued at approximately $220,000. Prior to this transaction, the address conducted a $10 test transaction. Arkham stated that this Ethereum was originally seized from Chase Senecal in October 2022.
In-Depth & Outlook
Hong Kong Warns of "Overheating" Risks in Stablecoins
Globally, as expectations rise for stablecoins to be used more widely, how to properly manage the various inherent and spillover risks that accompany this process is gradually becoming a focus of international regulation.
What is the real situation regarding stablecoin usage in Yiwu? To find out, a reporter from the 21st Century Business Herald conducted an on-site investigation into the usage of stablecoins in Yiwu.
Opinions
Renowned economist Hong Hao recently shared his latest views on the topic "Stablecoins: Just a Fad or a True Game Changer?" during an online dialogue.
Understanding Stablecoins: The "Safe Haven" of the Crypto World and a Bridge to Future Finance
Are stablecoins the true killer application of Web3? How do they operate? This article explores these questions in depth.
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