ref

Founder of Strategy, Michael Saylor, stated that digital credit is entering the mainstream allocation range for institutions. STRC has now become the largest holding in the three leading preferred stock ETFs in the United States, with a total related holding size reaching $756 million, involving BlackRock PFF, Virtus InfraCap PFFA, and VanEck PFXF.

According to The Wall Street Journal, Coinbase Chief Legal Officer Paul Grewal stated that Coinbase has reached a settlement with the U.S. Securities and Exchange Commission regarding a Freedom of Information Act lawsuit, with the SEC agreeing to pay $150,000 and amend its record-keeping policies. The lawsuit revealed that the SEC lost nearly a year’s worth of communications from former Chairman Gary Gensler and other senior officials during the peak enforcement period in the cryptocurrency industry.Coinbase had previously requested documents from the SEC regarding how it applies securities laws to digital assets, but the request was denied, leading to a lawsuit that received court support. The SEC claimed that some text messages were lost due to an automatic data deletion process. Grewal pointed out that the SEC has imposed billions of dollars in fines on financial institutions for similar record-keeping issues.In February of this year, Coinbase also reached a settlement with the Federal Deposit Insurance Corporation regarding another Freedom of Information Act lawsuit. Coinbase stated that this lawsuit revealed that the FDIC had instructed nearly twenty banks to suspend cryptocurrency-related activities since 2022, which subsequently led to congressional hearings and resulted in a court ruling that the FDIC violated federal law.Grewal stated that both lawsuits revolve around government transparency and due process, emphasizing that the American public has the right to know whether regulatory agencies are restricting legitimate cryptocurrency businesses from accessing banking services through non-public means.

On-chain data analyst Murphy stated that this cycle is significantly different from the past due to the influx of traditional institutional funds brought in by the BTC spot ETF. He pointed out that the net flow of the ETF essentially records the subscription and redemption results of authorized participants (AP) in the primary market. It will only translate into net inflows or outflows in the data when the selling pressure in the secondary market continues to push the ETF price away from its net asset value and exceeds the arbitrage cost line.Murphy analyzed the data from glassnode and noted that from January to February, the market showed "high trading volume + slight net outflow," indicating that although there was obvious panic selling at that time, there was still a large amount of buying support. In contrast, from May to July, the market exhibited "low trading volume + significant net outflow." The more core signal was not a significant increase in selling pressure, but rather the absence of marginal buying, leading to the ETF consistently trading at a discount and resulting in AP redemptions.He believes that this stage is more likely to reflect a second round of "surrender" at the institutional level, which typically belongs to the tail-end clearing pattern of the market, and judges that this may provide new layout opportunities for retail investors, although the duration cannot be clearly determined by the current data.

Deutsche Bank stated in its latest research report that the market's concerns about Microsoft's surge in capital expenditure, AI investment returns, and the concentration of Open AI orders have been significantly overstated. The current valuation is attractive, maintaining a "Buy" rating and a target price of $550. Deutsche Bank expects Microsoft's fourth fiscal quarter (corresponding to the second quarter of the calendar year) revenue to be $87.4 billion, a year-on-year increase of 14.3%; non-GAAP earnings per share are expected to be $4.17. The growth rate of Azure, calculated at constant exchange rates, is expected to reach 40% to 41%, with enterprise cloud migration, AI computing demand, and new data center capacity continuing to support growth. Microsoft 365 commercial cloud revenue is expected to grow by 15% to 16%, and paid seats for Copilot may exceed 25 million by the end of the year.

Bitcoin Treasuries.NET posted on platform X that the Swedish public company Bitcoin Treasury Capital has launched Europe's first BTC-backed preferred stock on the Spotlight Stock Market, with the trading code BTC PREF.This product offers a 10% annual dividend, paid monthly.

According to Jinshi reports, the United States is preparing to expand its operations against Iran by deploying about 100 refueling aircraft to the Middle East.Israeli defense agencies are preparing for a potential significant escalation in the region.

According to Jinshi reports, the U.S. military is redeploying forces to the Middle East, with 5 aerial refueling aircraft already heading to Israel, and dozens more reinforcements to follow.

The National Development and Reform Commission officially released the "Action Plan for the Cooperative Development of Artificial Intelligence," aimed at building an open, shared, secure, orderly, and collaboratively governed global artificial intelligence ecosystem. The plan clearly outlines eight core actions, comprehensively promoting deep international cooperation in the AI field from multiple dimensions, including data, computing power, algorithms, talent, and governance. At the foundational level of data and computing power, the action plan emphasizes the need to promote cross-border data flow and build a trustworthy cross-border data space, collaboratively constructing a high-quality corpus; at the same time, it promotes the interconnection of intelligent computing facilities, providing inclusive intelligent computing services to developing countries, and creating low-carbon intelligent computing infrastructure driven by green energy.In terms of industrial empowerment and ecological sharing, the plan encourages the co-construction of an international open-source community for artificial intelligence, promoting the sharing of general large models, basic algorithms, and tool components, and supporting countries in conducting localized innovation based on open-source models. By deepening "Artificial Intelligence +" cooperation, it aims to build a cross-national industrial cooperation platform, promoting the deep application and empowerment of AI technology in fields such as science, manufacturing, healthcare, education, agriculture, and governance. In addition, the plan also proposes the establishment of a joint training mechanism for top digital talent, collaboratively formulating occupational standards and skill certification systems, comprehensively enhancing public literacy, and jointly addressing the structural impacts of AI on employment.Regarding industry rules and technical security, the action plan advocates for the co-construction of rules and standards and collaborative governance for security. All parties will strengthen information sharing on cybersecurity threats and emergency response cooperation, researching ways to enhance the explainability, transparency, and safety of artificial intelligence. Finally, the plan emphasizes adherence to the technological ethics principle of "AI for Good," collaboratively constructing an ethical guideline system dedicated to eliminating algorithmic biases in the forms of racism, discrimination, and others. By promoting international governance cooperation in AI research, it aims to contribute public scientific products to the Global South, effectively serving the United Nations' 2030 Sustainable Development Goals.

According to Cointelegraph, ARK Invest's research director Lorenzo Valente published a rebuttal to a16z crypto's view that "traditional finance will adopt blockchain rather than DeFi," arguing that institutions will increasingly rely on DeFi infrastructure in the future.Valente stated that public chains are leading private chain projects in actual development, with the growth of tokenized assets on open networks like Ethereum as an example. He also believes that crypto-native companies like Circle and Coinbase are better positioned than traditional financial institutions to build the next generation of financial infrastructure.a16z crypto previously stated that banks and asset management institutions would not directly adopt DeFi but would choose blockchain technologies that comply with existing regulatory, governance, and operational requirements, including features like tokenization and atomic settlement, while continuing to maintain licensing and institutional control.Sentora co-founder Jesus Rodriguez also disagreed with a16z's viewpoint, suggesting that institutions might adopt the underlying infrastructure of DeFi and overlay compliance, custody, and other enterprise-level controls on top of it.

The financial company focused on Bitcoin asset management, Bitcoin Treasury Capital ($BTCB), has been approved to list Sweden's first Bitcoin-backed preferred shares (BTC PREF) on the Spotlight stock market, with the first trading day expected to be July 20. This product offers a 10% annual dividend.

Bitcoin Treasuries.NET posted on platform X that The Smarter Web Company has completed a $282 million capital reduction, which is an important step in advancing the issuance of the UK's first Bitcoin-backed perpetual preferred shares, which have a maximum dividend payment capacity of $178 million.

According to Jinshi reports, Federal Reserve Chairman Waller stated that recent inflation data does not perfectly reflect the underlying inflation situation.

According to official news, Gate announced the launch of the interest-earning feature for stock and CFD account assets, allowing users to earn automatic returns on eligible idle USDT and USDx in their accounts while participating in stock trading, IPOs, and CFD trading. This feature uses a tiered interest mechanism, matching interest levels based on the USDT balance in the stock account and the USDx balance in the CFD account. A single account balance exceeding 1,000 USDT or USDx can participate in interest calculation, with a reference annualized return rate of up to 3.00%.

According to Bloomberg, cloud computing service provider Nebius Group announced that it has reached an agreement with artificial intelligence model development company Reflection AI to sell computing power worth over $1 billion.According to statements from both parties, the agreement is valid until 2029, and Reflection AI will gain access to computing resources using NVIDIA GB300 AI chips to support its artificial intelligence model research and development.

A court in São Paulo, Brazil ruled that Coinbase must refund nearly $100,000 to a user who claimed that funds deposited in their Coinbase Wallet disappeared in an unauthorized transaction. Coinbase argued that the wallet's private key is entirely controlled by the user, but failed to prove that the transaction was initiated by the wallet holder, nor did it demonstrate the existence of security measures to prevent this outcome.The court made its ruling based on relevant provisions of the Consumer Protection Law and ordered Coinbase to refund the full amount along with statutory interest.

According to Protos, prosecutors in Wisconsin and New York have expressed dissatisfaction with the stablecoin issuer Circle, citing that Circle has repeatedly hindered law enforcement's attempts to recover stolen funds. Law enforcement agencies in various locations have sought Circle's cooperation to help victims of fraud and hacking incidents recover losses by destroying and reissuing USDC tokens, but Circle has refused these requests based on policy positions.Circle believes that modifying the blockchain ledger to reverse transactions would undermine the fundamental attributes of the USDC stablecoin and set a dangerous precedent for the entire cryptocurrency industry. This position highlights the deep-seated conflict between the immutability of blockchain and law enforcement needs. Prosecutors argue that Circle, as a regulated stablecoin issuer, should bear more social responsibility, while Circle insists on upholding the core principles of blockchain technology, making it difficult for both sides to bridge their differences on this issue in the short term.

On June 29, Strategy raised the annual dividend of STRC to 12% and authorized a $1 billion buyback plan, covering four preferred securities: STRC, STRF, STRD, and STRK, with STRC being the initial preferred buyback target.Strategy disclosed that the buyback funds would not come from its approximately $2.55 billion reserves, but may come from the $1.25 billion Bitcoin monetization plan approved during the same period. STRC traded this week at a high of $80, dipping below $85 on some trading days, below the long-term trading target of $99 to $100 set by Strategy. Peter Schiff stated that the price of STRC below $87 indicates that Wall Street is questioning the growth rate of Bitcoin.

According to a report by the International Consortium of Investigative Journalists (ICIJ), the stablecoin issuer Circle has been criminally charged by the Wisconsin state prosecutor for refusing to comply with a court order to assist in recovering funds for fraud victims.A victim in Wisconsin was defrauded of approximately 381,000 USDC, and the court issued a warrant last December requiring Circle to transfer frozen assets to law enforcement wallets, but Circle refused to comply, citing "technical inability to destroy and reissue tokens."The New York state prosecutor had previously sent a letter to the U.S. Senate, accusing Circle of repeatedly refusing asset freeze requests without a warrant and questioning its motives—Circle currently holds at least 119 million frozen USDC, which can continuously earn interest.In response, Circle denied the allegations, stating that the Wisconsin court lacks jurisdiction, and indicated that it has reached a preliminary agreement with federal prosecutors regarding a compensation mechanism for victims. Cryptocurrency tracking experts pointed out that Circle could fully implement token destruction and reissuance by updating its code, casting doubt on its claim of technical incapacity.