Today's News Reminder

• Kazakhstan plans to establish a national cryptocurrency reserve
• Robinhood launches its own blockchain and EU "stock tokens"
• Circle applies for a US banking license to custody USDC reserves
• XRP Ledger mainnet launches EVM sidechain
• MicroStrategy increased its holdings by 4,980 bitcoins.
• Trump-related project American Bitcoin raises $220 million for Bitcoin mining

Macroeconomics and Regulation

The Governor of the Central Bank of Kazakhstan 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 farms. This reserve will be managed by an affiliate of the central bank, operating under a sovereign wealth fund model. Kazakhstan currently accounts for 13% of the global Bitcoin hashrate share and has seized illegal mining machines worth nearly $200 million since implementing a mining license system in 2022.

The U.S. Senate voted down the "End Corruption in Crypto" amendment with 46 votes in favor and 54 votes against. The bill aims to prohibit elected officials from promoting cryptocurrencies for improper benefits.

The Malaysian Securities Commission has proposed a series of regulatory improvements, intending to allow certain digital assets that meet minimum qualification requirements to be listed on digital asset exchanges without prior approval. The regulator also plans to strengthen governance and operational controls over exchange operators, mandating the segregation of customer assets.

U.S. Treasury Secretary Basant stated that stablecoin legislation may be completed by mid-July, which will be a source of demand for U.S. Treasury bonds.

The U.S. Securities and Exchange Commission has delayed its decision on Bitwise's Ethereum ETF staking proposal and initiated a new round of review while seeking public comment. The SEC has expressed concerns about the investment risks and potential conflicts of interest that staking may bring.

Project Updates

The Solana re-staking protocol Fragmetric announces that the airdrop for the first quarter and the $FRAG staking feature are now live.

Guoxiong Capital Co., Ltd. announced that it will fully enter the Web 3.0 and cryptocurrency asset field, having been approved for a special budget of 200 million yuan, with plans to develop related businesses and invest in cryptocurrency assets over the next three years.

The Hong Kong listed company Navigating Pharmaceuticals and Biotechnology Co., Ltd. plans to acquire blockchain-related assets from Conflux to expand its business into the field of blockchain technology. The two founding members of Conflux, Long Fan and Wu Ming, both serve as executive directors of Navigating Pharmaceuticals and Biotechnology.

The Osmosis Foundation announced a plan to adjust the OSMO economic model over the next six months, aiming to achieve a more sustainable and value-driven ecosystem. The roadmap targets a net deflation of OSMO by the end of 2025, with staking rewards increased to over 3%.

Germany's largest banking group Sparkassen plans to offer cryptocurrency trading services for retail investors, including Bitcoin and Ethereum. The service is expected to launch in the summer of 2026.

Trusta.AI officially released the $TA token economic model, with a total supply of 1 billion $TA. Among them, 3% is allocated for airdrops.

Polyhedra announced the official launch of the Phoenix Revival plan, with the mainnet of the privacy stablecoin project set to launch in September.

The official Trump merchandise store now supports payment using $TRUMP coin.

The Sui Foundation announced the winners of the Sui Overflow 2025 hackathon, having received 599 project submissions and ultimately selecting 36 winning projects.

The Polygon and GSR incubated Katana mainnet is officially launched, with a pre-deposit exceeding $240 million, and at the same time, a two-year liquidity mining incentive program for 1 billion KAT tokens is introduced.

Circle has applied for a national bank charter in the United States, which will allow it to act as a custodian for USDC reserves and hold crypto assets for institutional clients.

Coinbase International will add support for Sahara AI and Maple Finance perpetual contracts on Coinbase International Exchange and Coinbase Advanced.

Robinhood has announced that it will allow EU customers to trade US stocks and ETFs on the blockchain, launching "Robinhood Stock Tokens". These tokens represent popular company stocks in the form of cryptocurrency, with commission-free trading, and holders can receive dividends within the app.

The XRP Ledger has launched an EVM sidechain on the mainnet, supporting developers to build, migrate, and deploy cross-chain applications that are compatible with Ethereum in its ecosystem.

Kraken has provided 60 tokenized US stocks to non-US users, available for trading 24 hours a day, 5 days a week.

Paxos has launched the stablecoin USDG for users across the European Union, which is a dollar-pegged stablecoin supported by a consortium that includes Robinhood, Kraken, Galaxy Digital, and Anchorage Digital.

The South Korean cryptocurrency exchange Upbit has partnered with local search engine giant Naver to jointly develop a stablecoin payment system based on the Korean Won.

Australian cryptocurrency exchange Swyftx will acquire digital asset brokerage Caleb & Brown for approximately $65.8 million.

Binance Alpha has now launched BUGSCOIN (BGSC). Eligible users can claim airdrops of 7,360 BGSC tokens using Binance Alpha points.

Institutional Holdings

London-listed company Anemoi International has increased its investment in Bitcoin from 30% to approximately 40% of its cash reserves.

The Japanese game company CyberStep plans to invest 1 billion yen in cryptocurrency investment, using BTC and ETH as corporate asset reserves.

Nasdaq-listed company LGHL announced that it has accumulated $5 million worth of HYPE, SOL, and SUI.

BitMine announces a private placement of $250 million and launches an Ethereum financial strategy.

MicroStrategy spent approximately $531.9 million to purchase 4,980 bitcoins between June 23 and June 29. As of June 29, 2025, the company holds 597,325 bitcoins, with a total cost of approximately $42.4 billion.

Opinion

Matrixport analysis indicates that Bitcoin has recorded increases in 7 out of the past 10 Julys, with an average increase of 9.1%. Analysts believe that Bitcoin may challenge the $116,000 mark in the coming weeks.

The Bitfinex Alpha report indicates that Bitcoin typically performs poorly in the third quarter, with an average return of 6%. Price volatility is expected to decrease further, and the trend may continue to fluctuate within a range.

Goldman Sachs' economic research team predicts that the Federal Reserve may start cutting interest rates as early as September this year, with a reduction of 25 basis points at the meetings in September, October, and December.

Mining News

The cryptocurrency project American Bitcoin, associated with the Trump family, raised $220 million by issuing new shares to purchase Bitcoin and digital asset mining equipment.

The Bitcoin mining difficulty encountered an adjustment at block height 903,168, with a difficulty decrease of 7.48% to 116.96 T.

Important Data

• The 24-hour trading volume of USD1 has surpassed USDC for the first time, reaching a historical high of 3.37 billion USD.
• Bitcoin spot ETF had a total net inflow of $102 million yesterday, continuing a 15-day net inflow.
• Paradigm Capital and early investors of ARB transferred 16.75 million ARB to CEX, worth approximately 5.85 million USD.
• A giant whale redeemed and transferred over 68,000 ETH to CEX in 3 weeks, worth approximately $165 million.
• The Move Foundation reserve wallet received 45 million $MOVE from Binance, currently holding 168 million.
• The government of the Kingdom of Bhutan deposited 137 BTC with Binance, worth 14.77 million USD.
• A certain whale is suspected of having unstaked and withdrawn 95,920 ETH through two wallets, worth 237 million dollars.