1783CLUB

Following the United States mainland and the Middle Eastern UAE (Dubai, Abu Dhabi), the Trump family's Crypto tentacles are now extending towards Asia.

Trump's second son, Eric Trump, confirmed his attendance at the Bitcoin Asia Summit held in Hong Kong from August 28 to 29, which is the Asian version of the Bitcoin Conference.

Additionally, Trump's eldest son, Donald Trump Jr., also plans to attend the Korea Blockchain Week (KBW) event taking place from September 22 to 28.

Earlier, from April 30 to May 1, 2025, Trump's second son, Eric Trump, attended the Token2049 summit held in Dubai.

Based on the timeline and schedule, Trump's eldest son, Donald Trump Jr., may attend the Token2049 event in Singapore, specifically from October 1 to 2.

Next, within the Crypto industry in terms of policy, the U.S. has the GENIUS Act, while Hong Kong has a stablecoin bill and licensing approvals.

Therefore, the speculation around the U.S. stablecoins and the concept of coin-stock linkage, as well as the stablecoin and brokerage concepts in Hong Kong, is still ongoing.

U.S. stocks include: Strategy (MSTR), Coinbase (COIN), Robinhood (HOOD), Circle (CRCL), Galaxy Digital (GLXY), Bit Digital (BTBT), SharpLink Gaming (SBET), Upexi (UPXI)……

Hong Kong stocks include: Guotai Junan International (HK:01788), ZhongAn Online (HK:06060), OSL (HK:00863), New Huo Technology (HK:01611), Victory Securities (HK:08540)……

Additionally, apart from BTC and ETH, the approval for other spot #ETFs in the U.S. is still in progress, including SOL, XRP, and DOGE.

A certain super old trading platform has experienced multiple strategic missteps since 2025.

First, the EU's strong regulation on Web3 Wallets—halted for rectification.

The Web3 business, which had been developing for over two years, has overnight returned to square one, becoming once again a testing ground for other industry giants after the Bitcoin ecosystem inscriptions.

Then, mainland China, with its no-threshold user recruitment, has led to the current stringent risk control measures for KYC.

The founder claims that about 1% of users are affected, which roughly translates to hundreds of thousands or even millions; this is not a small number.

In a short time, the reckless and one-size-fits-all account risk control indicates that the previous extensive user growth model has once again met with Waterloo.

Offshore financial centers like Malta face significant policy fluctuations and are also constrained by the EU, making the so-called compliance essentially a castle in the air.

Currently, innovation in finance driven by blockchain technology is at a new crossroads, and the impact of stablecoins on the global financial market is not sensationalist.

Stablecoins pegged to the US dollar, on the contrary, greatly reinforce the dollar's hegemony, which is not what everyone expected.

In traditional financial markets, based on the SWIFT settlement system, the US dollar only holds about 46% of the market share, while dollar-pegged stablecoins and digital dollars account for over 99% of stablecoins.

As of now, exchanges are an important application scenario for stablecoins, with payments, especially cross-border payments, becoming increasingly important and potentially the number one application scenario in the future. Regulatory tightening will continue, making the operation of exchanges increasingly difficult while marginal returns continue to shrink.

The huge "destructiveness" of the Crypto industry has caused small countries or regions to be unable to withstand it.

Including Singapore, Japan, South Korea, as well as Hong Kong and Taiwan.

In the world, perhaps only the United States and China can withstand it.

So far, the United States has chosen to embrace it actively, while China has chosen to blacklist and ban it.

The UAE, which can do business with the United States, China and Russia at the same time, has become the last habitat for the giants in the Crypto industry.

Especially the upstream and downstream industries that are not from the United States, from exchanges to public chains.

Previously, the Abu Dhabi sovereign fund invested 2 billion US dollars in Binance, allowing the world's largest exchange, Binance, to become a state-owned enterprise in the UAE.

Later, the Russian-backed social network, Telegram's Ton, cooperated with the UAE and began to provide TON pledgers with a 10-year UAE golden visa.

Dear US stock traders
The US stock market will be closed for the next 4 days
The next opening time is July 7th at 21:30 Beijing time

The global macro market is in a "driverless" stage

Different capital markets' arbitrage or cross-platform investment opportunities are temporarily halted, especially the recent wave of the "crypto-stock correlation."

Trump's "big and beautiful" plan passed with a narrow advantage, which is generally favorable for the capital market, continuing to increase debt and leverage.
In the short term, Trump brings industrial prosperity, capital market prosperity, and a rampant bull market to the global capital market.
In the long term, the continuous relaxation of regulations and ongoing leverage will also lay the groundwork for the next round of "financial crisis."

$BTC $ETH began to decline slightly, with BTC retracting to around 109,000 and ETH retracting to around 2,550 USD.

In the Hong Kong market, concepts like crypto and stablecoins have mixed performances.

Guotai Junan International (HK:01788) surged nearly 12%, with a daily trading volume close to 13 billion HKD, having risen more than 260% over the past 7 trading days.
Victory Securities (HK:08540) rose by 10%, having increased more than 70% over the past 6 trading days.
OSL (HK:00863) remained flat, while New Fire Technology (HK:01611) and ZhongAn Online (HK:06060) saw declines of 3-4%.

It is estimated that BitMine ( $BMNR ) has not yet started the promised purchase of Ethereum, and its stock price has already surged 30 times.

#BitMine ( BMNR ) closed at $135 on July 3.

In the first three and a half hours of trading after the US stock market opened, the trading volume exceeded $3.9 billion, with a turnover rate as high as 609%.

Compared to the closing price of $4.26 the day before the announcement of the Ethereum reserve strategy, the stock price has increased more than 30 times.

On July 9 (next Monday), the US stock market will be closing shortly after opening.

The capital market has always used the most attractive stories to reap the most profits.

All listed companies, whether in the United States, Hong Kong, or other capital markets.

Buying #Bitcoin, #Ethereum, #Solana, or other altcoins is all about stimulating stock prices and reaping more profits.

Often, the brave are the first to enjoy the world, and the brave are also the first to reap more profits.

The pioneer in Asia, investor, and representative of the Fujian Gang #CaiWensheng and his company #Meitu (HK:01357), have long since cashed out through the Crypto concept, perfectly returning to the AI-driven core business, which is now making money, no longer needing pure concept hype.

The pioneer of U.S. coin stocks, Strategy ($MSTR), firmly holds the lead as the frontrunner.

As of now, MSTR holds 597,300 BTC, valued at approximately $6.57 billion based on $110,000. MSTR's total market capitalization is $112.4 billion.

Other listed companies are still playing the game of buying Bitcoin to boost stock prices; they can only be described as slow to react. With such limited funds, they simply cannot move stock prices and can only act as liquidity providers for Bitcoin.

Companies that have raised funds to buy Ethereum are just starting out. Currently, #SharpLinkGaming ($SBET) seems to have leading genes.

As of now, SBET holds over 200,000 ETH, valued at about $520 million based on $2,600.

Due to continuous stock issuance and fundraising, SBET's equity number is temporarily uncertain and will need to wait for disclosure of documents submitted to the SEC. It is expected that SBET's market capitalization has already exceeded $1 billion.

Previously primarily involved in Bitcoin mining, #BitDigital ($BTBT) has jumped ship, fully shifting to Ethereum, having raised $162.9 million, which will be used to purchase ETH.

#BitMine ($BMNR) is currently very confused, with a fundraising price of $4.5, raising $250 million to buy ETH. The stock price soared to $74.8 in two days, and as of now, it is priced at $58.5, with a premium of over 13 times, reaching a total market capitalization of $3.4 billion, and it seems ETH hasn't even been started to be purchased yet.

Regarding Solana, the current players are all mixed, a disorganized bunch, lacking strength.

$DFDV, $UPXI, etc., have weak performance, mainly because SOL's ETF has not yet been approved, investment tools and large funds have not yet begun to layout, looking forward to seeing a leading listed company for SOL emerge.

This wave of coin stock hype will not last long; cherish it while it lasts.

Once invested in star projects like #Coinbase ($COIN), #Circle ($CRCL), and obtained excess returns.

Comparable to the existence of Sequoia Capital in the Web3 and Crypto industries.

Launched the first Crypto Fund in 2013, when Bitcoin was only $65 each.

The top American investment institution Pantera Capital has made a fortune again in the wave of "crypto-stock linkage".

Pantera Capital has participated in multiple publicly listed companies in the "crypto-stock linkage" sector, including the SOL version Strategy—Defi Development ($DFDV), which peaked at 8 times; the ETH version Strategy—Sharplink Gaming ($SBET), which peaked at over 18 times; and the ETH version Strategy—BitMine ($BMNR), which peaked at over 10 times.

There are also unlisted ones, such as the BTC version Strategy—Twenty One Capital, which plans to go public via SPAC, co-invested by Pantera, Tether, and SoftBank of Japan.

Pantera's strategy mainly involves issuing scarce "crypto-stock" funds, investing in a portfolio of U.S. listed companies with Crypto reserve plans.

The fund invests at a price equal to or close to the net asset value (Net Asset Value, NAV) of 1, or invests before digital asset reserves are traded in the public market at a potential premium.

It seems the threshold starts at $500,000, and the currency can be in USD or Crypto assets.

The "crypto-stock linkage" trend is short-lived; given that the investment is in U.S. listed companies, the lock-up period is very short, so the fund's lifespan is not long, and returns can be seen soon.

The New York Stock Exchange's U.S. subsidiary listed company BitMine (BMNR) sold approximately 55.55 million shares of common stock at a price of $4.50 per share through At-The-Market (ATM), raising $250 million to purchase Ethereum, becoming another Ethereum version of Strategy (MSTR).

After the announcement, BitMine (BMNR) surged by 260%, with the stock price reaching a high of $15.5.

There are many Ethereum versions of Strategy (MSTR), and BitMine (BMNR) and SharpLink Gaming (SBET) are considered relatively pure, mainly characterized by having a significant number of investors who are pure crypto players.

The major backer behind BitMine (BMNR) is MOZAYYX, with other participating institutions including Founders Fund, Pantera, FalconX, Kraken, Galaxy Digital, DCG, and other pure crypto players.

Especially, the second-largest exchange in the U.S., Kraken, has also entered the scene.

The discussions about #stablecoins are like a tide.
#Circle ($CRCL) as the "first global stablecoin stock" carries too high expectations.

But the fact is, Circle's $USDC market share is only 25%, far behind USDT.
Without "absolute monopoly" and lacking "super high growth", it is difficult to match the premium that high-valuation tech stocks should have.

On the first day of Circle's listing, I said - a price above 100 dollars is too inflated.
I just didn't expect that traditional finance's hunger for "new concepts" was so strong, peaking at 298 dollars.
Currently, Circle's stock price has dropped from its peak to 170 dollars, with a correction of more than 40%.

Even after a decline of over 40% from the high, Circle is still overvalued; let's talk when it drops below 100 dollars.

In this wave, the biggest winners in the Chinese-speaking world (Mainland China and Hong Kong) are linked to both cryptocurrencies and stocks.

Including but not limited to Guotai Junan International (HK:01788), Victory Securities (HK:08540), GF Securities (SZ:000776)/(HK:01776), and Tianfeng Securities (SH:601162).

Among them, Guotai Junan International's stock price achieved trading volumes of HKD 16.3 billion and HKD 26.7 billion over two days, with daily turnover rates approaching 68%.

Victory Securities, which has been established for decades, has gone from being unknown with almost no trading volume to achieving a single-day trading volume of HKD 148 million, truly entering the public's view; as long as they don't make major mistakes, the subsequent flow and resources will only increase.

Meanwhile, original players like Hashkey HSK, OSL (HK:00863), and ZhongAn Online (HK:06060), under ZhongAn Bank, have only had a small taste of the benefits.

Next, more veteran players will come out to show off, but the real wealth effect has already ended; the further we go, the lower the returns.

Gathered, we are a blaze; scattered, we are a sky full of stars.

Old Fire Coin is still the Huangpu Military Academy.

Old Fire Coin's team has become the big brother behind US stocks and Hong Kong stocks.

Founder Li Lin has invested in the US brokerage Tiger Securities ($TIGR), co-founder Du Jun is steering New Fire Technology (HK:01611), and co-founder Yuan Dawei has backdoor-listed the US company mFInternational Limited ($MFl).

Position two, Zhu, seems to have become the CEO of a crypto financial platform with a mining machine background.

As of June 24, 2025
40 institutions have applied to the Hong Kong Securities and Futures Commission for upgrading to Type 1 license

Want to become a 'broker that can buy and sell cryptocurrencies and virtual assets'

Including:
38 brokers
1 bank (ZA Bank)
1 internet company

With so many licenses, it means that the license itself is not rare.
Having a license also makes it difficult to earn money from the business, many are just 'holding a position'.

What truly matters is——
Who is the first to shout out, set the rhythm, and ride the first wave of speculative hype

For example: Guotai Junan International (HK:01788), Victory Securities (HK:08540), OSL Group (HK:00863), and ZA Bank under ZhongAn Online (HK:06060).

In the capital market hype, seizing talent first is the key.
And the historical peak of stock prices occurs at this moment.

Suspected SharpLink Gaming (NASDAQ:SBET) has once again purchased 5,989 ETH through Galaxy Digital. As of now, SharpLink Gaming (NASDAQ:SBET) holds 194,000 ETH, with a cost of approximately $2,611.

SharpLink Gaming ($SBET) operates by issuing additional shares at the current price to raise cash, which is then entirely used to purchase $ETH.

The technical term is At-The-Market (#ATM), which is a financing method where a public company sells shares directly to the open market at the current market price. It is also a very flexible and gradual fundraising mechanism, especially suitable for small growth companies or companies with volatile market values.

Since SBET submitted the ATM shelf filing (such as the S-3 form) to the SEC, the trend has become increasingly stable, rising from below $9 to above $14, with a significant increase on Wednesday, approaching $12 at one point.

Bitcoin mining is becoming less of a sexy story
Even businesses like #AI and #HPC are gradually becoming burdens and liabilities.

Now, the earliest company to pivot to Bitcoin mining, $BTBT (Bit Digital), can no longer bear it.
Bit Digital has just announced:
Gradually exiting Bitcoin mining
Converting its $BTC into $ETH
Transforming into a "pure Ethereum staking and treasury company"

Bit Digital plans to sell stocks and spin off its HPC subsidiary White Fiber
Converting all funds into ETH to pursue staking returns.

As of the end of March 2025, BTBT has already held over 24,000 ETH,
And is running one of the largest institutional-grade ETH staking facilities in the world.

From Bitcoin mining to Ethereum treasury, this is quite a significant pivot.

The first BNB version of MicroStrategy is born!
Nano Labs (NA) announces the fundraising of $500 million in convertible bonds, fully investing in BNB.
The notes can be converted into shares at $20 within one year, otherwise the principal must be repaid.
First phase goal: to acquire BNB worth $1 billion, with a long-term target of holding 5% to 10% of the circulating supply of BNB.
The mastermind behind Nano Labs is Kong Jianping, co-founder of Canaan Creative.
Interestingly, Canaan Creative has just announced a strategic contraction, focusing only on the mining machine business, while restructuring its AI and other businesses.
This move is somewhat similar to:
MSTR for BTC; SBET for ETH; DFDV for SOL.
NA is creating a BNB version of Strategy.

US airstrikes in Iran escalate the conflict between Israel and Iran.
Iran threatens to blockade the Strait of Hormuz, with the risk of key raw material prices, such as oil, breaking upwards.
This will drive up prices, and the CPI data, which is most important to the Federal Reserve, will rise, causing expectations for interest rate cuts to continue to decline.
On a positive note, if the US steps back, it may mean that the greater conflict between Israel and Iran could end more quickly.

In the US stock market, the weekend's conflict did not trigger a drop in stock prices.
However, Crypto remains fragile and has suffered a heavy blow.
BTC has fallen to around $98,000 for the first time since breaking $110,000; ETH has seen a huge decline, briefly dropping to around $2,100.
In the crypto stock concept, only the stablecoin first stock CRCL is soaring, while other popular NASDAQ crypto concept stocks MSTR SBET DFDV BTDR are starting a long adjustment process.

In terms of personal holdings, Crypto assets like ETH, and US stocks ETHU BITX SBET are all underwater, and the road to recovering costs ahead is long...

Stablecoins have too much momentum, they have completely entered the dream market.

Those starting to capitalize on this concept, like #Coinbase $COIN, have all surged significantly. The leading #Circle $CRCL has profits of just over 100 million USD, but its market value has surpassed 44 billion USD, with a price-to-earnings ratio close to 300.

The native assets of the Crypto concept $BTC $ETH $SOL, as well as #NASDAQ crypto concept stocks $MSTR $SBET $DFDV, are all in a sideways trend or showing slight weakness.

It's still better to harvest retail investors in the US stock market; no wonder project teams have all gone to the US stock market to harvest...

If you can't beat them, join them. Moving forward, the regulation of crypto cards like VISA and Mastercard based on the NYSE should become a bit more relaxed.

You say bear market, but Bitcoin is still close to 110,000 USD, anytime hitting a historical high

You say bull market, but some altcoins drop 80-90% in an instant, with no rebound at all

Some projects that boast excessively, after cutting off VC and KOL, just lie flat and enjoy life.

The war will continue
The impact of the war on asset prices
has come to an end
Short-term positions are on ETH again
Before the US stock market, BITX ETHU SBET is on

The Ethereum ecosystem is experiencing a "turnaround".

In addition to Ethereum $ETH breaking through $2800, doubling in two months, the currently more mainstream tracks in the ecosystem include:

1. Staking, $SSV up 150% in two months, $RPL up 120% in two months, $LDO up 60% in two months;
2. Domain names, $ENS up 100% in two months;
3. In staking, $EIGEN up 120% in two months;
4. DEX, $UNI up nearly 80% in two months;
5. Lending, $AAVE up 160% in two months;

In the past two months, the leading growth of the Ethereum ecosystem is not much different from that of Ethereum itself, indicating that the overall health of the ecosystem is still not prosperous, and the increase is more about valuation recovery and sentiment driving.

Ethereum version Strategy, similar to $SBET; ETH spot ETF subscription and redemption, ETH spot ETF staking; #DeFi regulatory policy major adjustments; the decline in traditional financial macro rates leading to the recovery of the DeFi industry, etc., will be important variables for asset price increases.

The worst times for Ethereum and its ecosystem are definitely behind us, but the road ahead is still not smooth.