Today's News Reminder:
BTCS plans to raise $100 million for Ethereum strategic acquisitions.
Listed company GameSquare raises $8 million to launch Ethereum fund management strategy.
US Treasury bonds have hit a record high for the first time since February, reaching $36.58 trillion.
Tether holds $8 billion worth of gold in a secret vault in Switzerland.
Binance will remove the observation tag from ZEC and the seed tags from ENA, PYTH, TAO, and W.
Japanese clothing chain Mac House plans to invest 1.7 billion yen in Bitcoin, starting on September 17.
Eigen Labs announces restructuring and layoffs, focusing on EigenCloud development.
New Zealand will ban cryptocurrency ATMs and restrict crypto transfers in the reform of anti-money laundering systems.
Regulatory/Macro
Gaming giant Atari abandons treating its Web3 ecosystem plan Atari X as a separate business line.
According to Globenewire, arcade game giant Atari disclosed in its latest fiscal year earnings report that it plans to adjust its Web3 ecosystem initiative Atari X, which originally aimed to build a blockchain ecosystem to connect games, utilities, and communities while exploring token issuance. However, recent data shows that the transaction activity scale of Atari X is too small (only €100,000 in FY 2024), leading to the decision not to treat it as a separate business line but to continue focusing strategically on its core video game business. The report's data is up to March 31, 2025, and indicates that the company's revenue reached €33.6 million, a 63% year-on-year increase.
New Zealand will ban cryptocurrency ATMs and restrict crypto transfers in the reform of anti-money laundering systems.
According to Decrypt, the New Zealand government is undergoing significant reforms aimed at curbing money laundering and criminal financing. Therefore, New Zealand will stop the use of cryptocurrency ATMs and set the international cash transfer limit to $5,000. On Wednesday, Deputy Minister of Justice Nicole McKee announced the latest anti-money laundering and anti-terrorism financing reform plan. The government plans to propose a new bill to expand law enforcement powers for police and regulatory agencies, allowing financial intelligence agencies to collect more financial data from key individuals and negotiate on the collection of fees for the system. McKee stated that the government's attitude towards combating crime is resolute, and it will not set excessive barriers for legitimate businesses, aiming to make New Zealand a place where legitimate businesses can operate easily, while criminals find it difficult to hide. The reform sets transfer limits specifically to combat the outflow of criminal funds while ensuring legitimate electronic transfers.
US Treasury bonds have hit a record high for the first time since February, reaching $36.58 trillion.
According to Watcher Guru data, US Treasury bonds have hit a record high for the first time since February, reaching $36.58 trillion.
The four US dollar stablecoin issuers collectively hold approximately $182 billion in US Treasuries, surpassing South Korea and the UAE.
According to CryptoSlate, four issuers of US dollar stablecoins hold approximately $182 billion in US Treasury bonds, ranking 17th in the US Treasury Department's national ranking. Including overnight Treasury collateral repos and the holdings of money market funds heavily invested in Treasury bonds, the scale lies between Norway ($195.9 billion) and Saudi Arabia ($133.8 billion). Among them, Tether's USDT holds the largest scale, with $120 billion in Treasury bonds in Q1, which has increased to over $125 billion by late May; Circle provides a reserve of $55.2 billion for USDC, including $28.7 billion in Treasury bonds and $26.5 billion in repo agreements; First Digital's FDUSD reserves include $1.3 billion in Treasury bonds; Paxos' PYUSD has a reserve backed by Treasury bond repos corresponding to approximately $880 million in government debt. According to the US Treasury Department's April data, the total holdings of the four issuers reached $182.4 billion, surpassing South Korea and the UAE, second only to Norway.
Tether holds $8 billion worth of gold in a secret vault in Switzerland.
According to Bloomberg, Tether Holdings SA, as the issuer of the world's largest stablecoin, has its own vault in Switzerland containing $8 billion worth of gold and is looking to expand its gold reserves. The company stated that it currently holds nearly 80 tons of gold, most of which is directly held by Tether, making it one of the largest holders of gold globally, apart from banks and nations. CEO Paolo Ardoino stated, 'We have our own vault. I believe this is the safest vault in the world.' The facility is located in Switzerland, but for security reasons, the company declined to disclose its specific location and establishment time.
Greenland Holdings' Greenland Jinchuang holds Hong Kong License No. 4 and No. 9, supporting virtual asset business.
The Hong Kong-listed company Greenland Holdings revealed on the interactive platform that its subsidiary Greenland Jinchuang currently holds License No. 4 (providing advice on securities) and License No. 9 (providing asset management) issued by the Hong Kong Securities and Futures Commission, and has upgraded to support virtual asset-related businesses.
Views
Analysis: The token sale of Pump.fun has a 'poor outlook' and is suspected to be in trouble.
According to The Block, on Monday, Pump.fun claimed to plan to sell 150 billion PUMP tokens to raise $600 million, which attracted criticism, and related listing information on the Gate exchange mysteriously disappeared. Many cryptocurrency advocates believe this has a negative impact. The Block's research director Steven Zheng said, 'Some users are surprised by Pump's token sale; they initially expected it to conduct large-scale airdrops like popular applications such as Hyperliquid. Although airdrops may still be in preparation, Pump is looking to raise an additional $600 million through token sales after already raising $700 million through other means, which will definitely leave a negative impression.' Space ID marketing director Alice Shikova stated that with the meme coin craze fading, the demand for Pump.fun's token sale may be below expectations, and although it has brand advantages, this move carries risks due to insufficient demand and liquidity. Cryptocurrency researcher @0xCabana posted, 'The issuance of tokens by Pump.fun is like a corrupt presidential candidate promising not to be corrupt this time.' Noones App CEO Ray Youssef posted on X, 'Predatory exchanges are gouging users through perpetual contracts, while Pump.fun has drained the vitality of DeFi, destroying cryptocurrency. Newcomers are getting scammed and then disappearing without a trace.'
Analysis: As the US SEC considers accelerating the approval framework, the 'floodgates' for cryptocurrency ETFs are about to open.
According to The Block, the US SEC seems poised to approve multiple spot cryptocurrency ETFs, with key stakeholders considering a framework that may accelerate the listing process. Sources say that last week, the SEC raised questions on details such as staking regarding a SOL ETF proposal, but the communication was constructive. Insiders say that approval is only a matter of time, though the specific timing is undecided. On Tuesday, at the WOLF Trading event, Osprey Funds and Rex Shares founder Gregory King stated that the SEC's attitude has shifted; while they will not act arbitrarily, they support cryptocurrencies. Last week, the SEC approved a mixed cryptocurrency fund from Grayscale, but that approval was subsequently paused. Insiders say the SEC is proceeding in phases, starting with Bitcoin, then Ethereum, and is now considering hybrid asset ETFs. Currently, the SEC is establishing listing standards aimed at shortening review periods. This initiative is driven by exchanges and aims to align with traditional ETF practices. 21Shares stated that it has not had direct conversations with the SEC but believes the new framework could reduce listing complexities and uncertainties. Bloomberg Industry Research ETF analyst James Seyffart expects the framework draft to be released this month, with implementation in September or October, at which point other asset ETFs will open the floodgates. Analyst Eric Balchunas recently estimated a 95% chance of SEC approval for ETFs tracking SOL, XRP, and LTC, and a high likelihood (around 90%) for proposals tracking Dogecoin, Cardano, and Polkadot.
Project Updates
Eigen Labs announces restructuring and layoffs, focusing on EigenCloud development.
Eigen Labs CEO Sreeram Kannan stated on the X platform that the company announced its restructuring plan to streamline operations and focus on building and expanding EigenCloud. This adjustment has led to some employee departures, and the company stated it would provide severance compensation, accelerated equity vesting, extended health insurance, and career recommendation support. Eigen Labs stated that the team will be more focused on building the 'world's first verifiable cloud platform' and called on crypto ecosystem partners to assist departing employees in finding new opportunities. Additionally, Kannan added, 'Eigencloud includes EigenLayer as the foundation and EigenDA as the data layer. Therefore, we will continue to work in this area.' Furthermore, according to Blockworks, Eigen Labs' layoffs account for about 25%, resulting in 29 employees being laid off.
Binance will support the Polygon (POL) network upgrade.
According to an official announcement, Binance is expected to suspend the token deposit and withdrawal services of the Polygon (POL) network at 21:00 on July 10, 2025 (UTC+8) to support its network upgrade. The project party is expected to conduct the network upgrade at 22:00 on July 10, 2025 (UTC+8). Additionally, Polygon Foundation CEO Sandeep Nailwal announced on the X platform that the Polygon PoS network will launch the Heimdall v2 consensus layer upgrade on July 10. This hard fork is the most technically complex update for Polygon PoS since its launch in 2020, primarily involving two core changes: in terms of technical architecture, Heimdall will be fully upgraded from Tendermint+Cosmos-SDK v0.37 to CometBFT+Cosmos-SDK v0.50; in terms of performance, the transaction finalization time will be shortened to about 5 seconds, and the number of reorganized blocks will not exceed 2.
Binance will remove the observation tag from ZEC and the seed tags from ENA, PYTH, TAO, and W.
According to an official announcement, based on recent audits, Binance will remove observation tags and seed tags from certain tokens on July 9, 2025. The tokens with removed observation tags are: Zcash (ZEC). The tokens with removed seed tags are: Ethena (ENA), Pyth Network (PYTH), Bittensor (TAO), Wormhole (W).
Phantom launches perpetual contract trading features within the wallet, supported by Hyperliquid.
According to The Block, Web3 wallet Phantom announced the launch of perpetual contract trading features, supported by Hyperliquid's API. This service is initially aimed at EU users, supporting up to 40x leverage and stop-loss/stop-limit features, allowing users to trade directly within the wallet while keeping their assets non-custodial. This marks Phantom's transition from a multi-chain wallet to a comprehensive DeFi entry point, currently supporting eight main chains, including Solana, Ethereum, and Bitcoin.
Binance Alpha and Binance Futures will list Tanssi Network (TANSSI).
According to an official announcement, Binance Alpha will launch and open trading for Tanssi Network (TANSSI) at 19:05 on July 9, 2025 (UTC+8). Additionally, Binance Futures will launch the TANSSIUSDT perpetual contract at 19:30 on July 9, 2025 (UTC+8), with a maximum leverage of up to 50x. All eligible Binance users will receive exclusive token airdrops from Binance. Eligible users need to claim the airdrop using Binance Alpha points through the Binance Alpha activity page from 19:05 on July 9, 2025 (UTC+8) to 19:05 on July 10, 2025 (UTC+8).
Important Data
A dormant whale has recently become active, transferring nearly $1.88 billion worth of BTC within 24 hours.
According to Onchain Lens monitoring, a dormant whale/institution that has been inactive for 4-6 years recently became active, transferring 9,000 BTC (worth $977 million) today at noon. This whale transferred a total of 17,283 BTC within the past 24 hours, valued at approximately $1.88 billion.
The total net inflow of Bitcoin spot ETFs yesterday was $80.08 million, marking four consecutive days of net inflow.
According to SoSoValue data, yesterday (Eastern Time July 8) the total net inflow of Bitcoin spot ETFs was $80.08 million, with 12 ETFs not experiencing any outflows. The Bitcoin spot ETF with the highest net inflow yesterday was Blackrock's (IBIT), with a single-day net inflow of $66.81 million, bringing IBIT's historical total net inflow to $5.288 billion. The second-highest was Grayscale's (BTC) Bitcoin mini-trust ETF, with a single-day net inflow of $4.82 million, bringing BTC's historical total net inflow to $1.48 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $136.75 billion, with the ETF net asset ratio (the proportion of market value to total Bitcoin market value) reaching 6.33%, and the historical cumulative net inflow has reached $49.94 billion.
A suspected Cumberland-related address has withdrawn approximately $89.45 million in ETH from Binance in the past week.
According to Lookonchain monitoring, whales/institutions are buying Ethereum. In the past week, wallet address 0xFC82 (possibly associated with Cumberland) withdrew 34,883 ETH (worth $89.45 million) from Binance. Additionally, in the past week, wallet address 0x3c9E withdrew 7,200 ETH (worth $18.37 million) from Kraken.
Hackers target Bitcoin wallets stolen from Mt. Gox, valued at billions of dollars.
According to Decrypt, hackers have targeted an old Bitcoin address (starting with 1FeexV) containing over $8 billion in digital currency stolen from the collapsed Mt. Gox exchange. According to BitMEX Research, attackers used Bitcoin's OP_RETURN function to send a transaction containing a phishing website link to the address. Although OP_RETURN can store information on the blockchain, it was exploited to embed malicious text, luring the owner to visit a fake page. The page falsely claims that the wallet is 'lost or abandoned' and impersonates the now-defunct Wall Street investment bank Solomon Brothers, attempting to extract personal information from the owner. BitMEX warned on the X platform that this website is illegal and part of a Bitcoin scam, with multiple old addresses from 2011 having become targets of similar attacks.
Trading volume of Solana futures on CME Group has exceeded $4 billion.
According to Cointelegraph, the trading volume of Solana (SOL) futures has exceeded $4 billion on the Chicago Mercantile Exchange Group (CME Group), one of the largest regulated derivatives exchanges in the world.
a16z Crypto has emptied its COMP holdings, transferring another 400,000 COMP to Coinbase Prime today.
According to on-chain analyst Yu Jin's monitoring, three hours ago, crypto VC a16z Crypto transferred the last 400,000 COMP ($16.48 million) from their address to Coinbase Prime, clearing their COMP holdings. They had transferred 400,000 COMP into Coinbase Prime just last month, and today they transferred another 400,000. In ten days, they transferred a total of 800,000 COMP to Coinbase Prime, worth $34.81 million. Ten days ago, when they transferred out 400,000 COMP, the COMP price was still at $46; now the COMP price is only $41, having dropped 11%. Transferring out another 400,000 may further decrease the COMP price.
Financing
AI-driven crypto trading platform OlaXBT completes $3.38 million seed round financing, led by Amber Group.
According to official news, AI-driven crypto trading platform OlaXBT announced the completion of its $3.38 million seed round financing, led by Amber Group, with participation from DWF Ventures, Mindfulness Capital, Web3Labs club, Credit Scend, and others. It is reported that OlaXBT utilizes proprietary MCP (Model Context Protocol) technology and reinforcement learning to achieve automated market-making, sentiment analysis, and trade execution. It is built on the BNB Smart Chain and includes a market composed of interoperable MCP servers and chat-based trading terminals.
Institutional buying
Remixpoint raises 31.5 billion yen to purchase Bitcoin, planning to increase its holdings to 3,000 BTC.
Japanese listed company Remixpoint announces it has raised approximately 31.5 billion yen (about $215 million) through financing, planning to use all funds to purchase Bitcoin. The company currently holds 1,051 BTC, with a recent target to increase its holdings to 3,000 BTC. The company stated that this move is based on a firm belief in Bitcoin's future and the results of long-term internal discussions. Previously, it was reported that Remixpoint would pay its CEO's salary entirely in Bitcoin.
Japanese clothing chain Mac House plans to invest 1.7 billion yen in Bitcoin, starting on September 17.
Japanese nationwide clothing brand Mac House announced its specific cryptocurrency investment plan on July 9, planning to start purchasing Bitcoin (BTC) from September 17, 2025. The investment strategy will primarily be based on the regular fixed investment method of 'dollar-cost averaging,' while flexibly adjusting the timing and amount of purchases during significant market declines. The funding for this investment comes from the third-party directed financing completed on June 19, raising more than expected. The initial plan was to invest 800 million yen, but an additional 915 million yen was added, bringing the total investment amount to 1.715 billion yen. The main investor in this financing, EVO FUND, has previously supported several Japanese companies in implementing Bitcoin treasury strategies, including MetaPlanet and Remixpoint.
Listed company GameSquare raises $8 million to launch Ethereum fund management strategy.
According to an official announcement, media, entertainment, and technology company GameSquare Holdings (NASDAQ: GAME) announced that the pricing for its previously announced underwritten public offering has been determined, selling 8,421,054 shares of common stock (or equivalents) at a price of $0.95 per share, with total proceeds expected to be approximately $8 million before deducting underwriting discounts and commissions and offering expenses. The company intends to use a significant portion of the proceeds to accelerate the launch of its newly established Ethereum fund management strategy. The GameSquare board has approved phased investments in Ethereum totaling up to $100 million while reserving sufficient working capital for operational business.
H100 Group has raised an additional approximately $54 million to advance its Bitcoin reserve strategy.
According to an official announcement, Sweden's H100 Group has raised an additional 516 million Swedish Krona (approximately $54 million) through the execution of the sixth and seventh financing phases (previously announced on June 16, 2025), with the funds being used to advance investment opportunities within the Bitcoin reserve strategy framework. To date, the group's total financing has reached 921 million Swedish Krona (approximately $96 million), significantly increasing from the previous 405 million Swedish Krona (approximately $42 million). Earlier news on July 2 indicated that H100 Group increased its holdings by 47.33 BTC, raising its total holdings to 247.54 BTC.
BTCS plans to raise $100 million for Ethereum strategic acquisitions.
Blockchain technology company BTCS Inc. (NASDAQ: BTCS) announces plans to raise $100 million in 2025 for the acquisition of Ethereum. The company aims to maximize capital efficiency through innovative financing models that combine decentralized finance (DeFi) and traditional finance (TradFi), including ATM issuance, convertible bonds, Aave on-chain lending, and node staking yield, striving to become a leading publicly listed company in the Ethereum infrastructure sector and maintain its leading position in Ethereum holdings among listed companies.
