PA Daily | After the announcement of the Ethereum purchase plan by listed companies BTCS and GameSquare, their stock prices experienced a big pump; Tether holds 8 billion dollars in gold in a secret vault in Switzerland.

Today's News Reminder:

BTCS plans to raise $100 million for Ethereum strategic acquisitions.

Public company GameSquare raises $8 million to launch Ethereum fund management strategy

U.S. Treasury bonds have reached a historic high of $36.58 trillion for the first time since February.

Tether holds $8 billion worth of gold in a secret vault in Switzerland.

Binance will remove the observation label for ZEC and the seed labels for ENA, PYTH, TAO, and W.

The Japanese clothing chain brand Mac House plans to invest 1.7 billion yen to purchase Bitcoin, starting on September 17.

Eigen Labs announces a reorganization and layoffs, focusing on the development of EigenCloud.

New Zealand will ban cryptocurrency ATMs and restrict crypto transfers in reforms to anti-money laundering regulations.

Regulation/Macro

The gaming giant Atari has abandoned viewing its Web3 ecosystem project Atari X as a separate business line.

According to Globenewswire, arcade game giant Atari has disclosed in its latest fiscal year earnings report that it plans to adjust its Web3 ecosystem project Atari X. This project initially aimed to build a Web3 blockchain ecosystem to connect games, utilities, and communities while exploring token issuance. However, the latest data shows that the trading activity scale of Atari X is too small (only 100,000 euros in fiscal year 2024), so it will no longer be considered a separate business line and will instead continue to focus strategically on its core video game business. The report data is as of March 31, 2025, indicating that the company's revenue reached 33.6 million euros, an increase of 63% year-on-year.

New Zealand will ban cryptocurrency ATMs and restrict crypto transfers in the reform of anti-money laundering regulations.

According to Decrypt, the New Zealand government is undergoing significant reforms aimed at curbing money laundering and crime financing. As a result, New Zealand will stop using cryptocurrency ATMs and set an international cash transfer limit of $5,000. On Wednesday, Deputy Minister of Justice Nicole McKee announced the latest anti-money laundering and counter-terrorism financing reform plan. The government intends to propose a new bill to expand the enforcement powers of police and regulatory agencies, allowing financial intelligence agencies to collect more financial data on key individuals, and to engage in discussions regarding the funding of the tax collection system. McKee stated that the government is resolute in its fight against crime and will not impose excessive barriers on legitimate businesses, aiming to make New Zealand a place where legitimate business can thrive and criminals find it hard to hide. The reform sets a transfer limit to combat the outflow of criminal funds while ensuring the security of legitimate electronic transfers.

U.S. national debt has reached a historic high of $36.58 trillion for the first time since February.

According to Watcher Guru data, U.S. national debt has reached a historic high of $36.58 trillion for the first time since February.

Four US dollar stablecoin issuers collectively hold approximately $182 billion in US Treasury bonds, surpassing South Korea and the UAE.

According to CryptoSlate, four issuers of USD stablecoins hold approximately $182 billion in U.S. Treasury bonds, ranking 17th among countries by the U.S. Treasury Department. Including overnight Treasury collateral repurchases and currency funds heavily invested in Treasury bonds, the scale is between Norway ($195.9 billion) and Saudi Arabia ($133.8 billion). Among them, Tether's USDT is the largest, holding $120 billion in Treasury bonds in the first quarter, and has increased to over $125 billion by late May; Circle provides $55.2 billion in reserves for USDC, including $28.7 billion in Treasury bonds and $26.5 billion in repurchase agreements; First Digital's FDUSD reserves include $1.3 billion in Treasury bonds; Paxos's PYUSD has a reverse repurchase agreement collateralized by Treasury bonds, corresponding to about $880 million in government debt. According to the U.S. Treasury Department's data from April, the total holdings of the four issuers amount to $182.4 billion, surpassing South Korea and the UAE, and second only to Norway.

Tether holds $8 billion worth of gold in a secret vault in Switzerland.

According to Bloomberg, Tether Holdings SA, the issuer of the world's largest stablecoin, has its own vault in Switzerland, storing $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 held directly by Tether, making it one of the largest holders of gold in the world, aside from banks and nations. CEO Paolo Ardoino said, "We have our own vault. I believe it is the safest vault in the world." The facility is located in Switzerland, but for security reasons, the company refused to disclose its exact location and establishment date.

Greenland Holdings' subsidiary Greenland Jinchuang holds Hong Kong licenses No. 4 and No. 9, supporting virtual assets.

Greenland Holdings, a Hong Kong listed company, revealed on the interactive platform that its subsidiary Greenland Jinchuang currently holds the Type 4 license (advising on securities) and Type 9 license (providing asset management) issued by the Hong Kong Securities and Futures Commission, and has upgraded to a license supporting virtual asset-related businesses.

opinion

Analysis: The token sale of Pump.fun has "poor prospects" and is currently suspected to be in trouble.

According to The Block, on Monday, Pump.fun announced plans to sell 150 billion PUMP tokens to raise $600 million, drawing criticism, and relevant listing information from Gate has mysteriously disappeared. Many cryptocurrency advocates believe this situation has negative implications. Steven Zheng, research director at The Block, stated: "Some users were surprised by Pump's token sale; they originally expected a large-scale airdrop like popular applications such as Hyperliquid. While an airdrop may still be in preparation, the fact that Pump has already raised $700 million through other means and is now looking to raise another $600 million through a token sale will undoubtedly leave a negative impression." Alice Shikova, marketing director at Space ID, indicated that with the current decline in the meme coin craze, the demand for Pump.fun's token sale may be lower than expected. Although it has brand advantages, this move carries risks due to insufficient demand and liquidity. Cryptocurrency researcher @0xCabana posted: "Issuing tokens by Pump.fun is like a corrupt presidential candidate promising not to embezzle this time." Ray Youssef, CEO of Noones App, posted on X: "Malicious exchanges exploit users through perpetual contracts, while Pump.fun sucks the vitality out of DeFi, ruining cryptocurrency. Newcomers get scammed and never return."

Analysis: As the U.S. SEC considers accelerating the approval framework, the "gates" 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 could expedite the listing process. Sources say that last week, the SEC raised questions about the staking and other details of a SOL ETF proposal, but the communication was constructive. Insiders indicate that approval is merely a matter of time, though the exact timing is still undecided. On Tuesday, at the WOLF Trading event, Gregory King, founder of Osprey Funds and Rex Shares, stated that the SEC's attitude has shifted; while they will not act recklessly, they support cryptocurrencies. Last week, the SEC approved a mixed cryptocurrency fund from Grayscale, but that approval was subsequently paused. Insiders say that the SEC is moving forward in phases, starting with Bitcoin, then Ethereum, and is now considering mixed asset ETFs. Currently, the SEC is drafting listing standards and plans to shorten the review period. This initiative is being driven by exchanges and aims to align with traditional ETF practices. 21Shares states that they have not engaged in direct dialogue with the SEC but believe the new framework could reduce the complexity and uncertainty of listings. Bloomberg Industry Research ETF analyst James Seyffart expects the draft framework to be released this month, with implementation in September or October, at which point the floodgates for other asset ETFs will open. Analyst Eric Balchunas recently estimated that the SEC has a 95% chance of approving ETFs tracking SOL, XRP, and LTC, while the likelihood of approval for ETFs tracking Dogecoin, Cardano, and Polkadot is also high, around 90%.

Project Updates

Eigen Labs announces restructuring and layoffs, focusing on EigenCloud development

Sreeram Kannan, the CEO of Eigen Labs, stated on the X platform that the company announced its restructuring plan today to streamline operations and focus on building and expanding EigenCloud. This adjustment has led to the departure of some employees, and the company stated it would provide support measures such as severance compensation, accelerated equity vesting, extended health insurance, and career recommendations. Eigen Labs mentioned that the restructured 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 be committed to this work." Furthermore, according to Blockworks, Eigen Labs has laid off approximately 25% of its workforce, cutting 29 employees.

Binance will support the Polygon (POL) network upgrade.

According to an official announcement, Binance is expected to suspend the token recharge and withdrawal services of the Polygon (POL) network on July 10, 2025, at 21:00 (UTC+8) to support its network upgrade. The project team will conduct the network upgrade at around 22:00 (UTC+8) on July 10, 2025. In addition, Sandeep Nailwal, CEO of the Polygon Foundation, 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 since the launch of Polygon PoS in 2020, involving two main 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 final confirmation time for transactions will be shortened to about 5 seconds, and the number of reorganized blocks will not exceed 2.

Binance will remove the observation label for ZEC and the seed labels for ENA, PYTH, TAO, and W.

According to the official announcement, based on the recent review, Binance will remove the observation tags and seed tags for certain tokens on July 9, 2025. The tokens with observation tags removed are: Zcash (ZEC). The tokens with seed tags removed are: Ethena (ENA), Pyth Network (PYTH), Bittensor (TAO), Wormhole (W).

Phantom has launched perpetual contract trading functionality within the wallet, supported by Hyperliquid.

According to The Block, the Web3 wallet Phantom has announced the launch of perpetual contract trading features, supported by Hyperliquid's API. This service is initially aimed at EU users, offering up to 40x leverage and stop-loss and take-profit features, allowing users to trade directly within the wallet while keeping their assets non-custodial. This move marks Phantom's transition from a multi-chain wallet to a comprehensive DeFi gateway, as it currently supports 8 main chains including Solana, Ethereum, and Bitcoin.

Binance Alpha and Binance Contracts will launch Tanssi Network(TANSSI)

According to the official announcement, Binance Alpha will launch and open trading for Tanssi Network(TANSSI) on July 9, 2025, at 19:05 (UTC+8). In addition, the Binance contract platform will launch the TANSSIUSDT perpetual contract on July 9, 2025, at 19:30 (UTC+8), with a maximum leverage of up to 50 times. All eligible Binance users will receive an exclusive token airdrop from Binance. Eligible users need to claim the airdrop using Binance Alpha points through the Binance Alpha event page from July 9, 2025, 19:05 (UTC+8) to July 10, 2025, 19:05 (UTC+8).

Important data

A giant whale that has been dormant for many years 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 has recently become active again, transferring 9,000 BTC (worth $977 million) at noon today. This whale transferred a total of 17,283 BTC in the past 24 hours, worth approximately $1.88 billion.

The total net inflow of Bitcoin spot ETF yesterday was 80.08 million dollars, continuing a net inflow for 4 days.

According to SoSoValue data, yesterday (Eastern Time July 8) there was a total net inflow of 80.08 million USD into Bitcoin spot ETFs, with no outflows from the 12 ETFs. The Bitcoin spot ETF with the highest single-day net inflow yesterday was Blackrock ( ETF IBIT, which had a net inflow of 66.81 million USD, bringing its historical total net inflow to 5.288 billion USD. The second was Grayscale ( Bitcoin Mini Trust ETF BTC, with a single-day net inflow of 4.82 million USD, currently having a historical total net inflow of 1.48 billion USD. As of the time of writing, the total net asset value of Bitcoin spot ETFs is 136.75 billion USD, with an ETF net asset ratio (market value as a proportion of total Bitcoin market value) reaching 6.33%, and the historical cumulative net inflow has reached 49.94 billion USD.

A suspected Cumberland-related address has withdrawn approximately $89.45 million worth of ETH from Binance in the past week.

According to monitoring by Lookonchain, whales/institutions are buying Ethereum. In the past week, wallet address 0xFC82 (possibly linked to 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 worth billions stolen from Mt. Gox.

According to Decrypt, hackers have targeted an old Bitcoin address (starting with 1FeexV) that holds over $8 billion worth of digital currency stolen from the defunct Mt. Gox exchange. BitMEX Research disclosed that the attackers sent a transaction containing a phishing site link to this address utilizing Bitcoin's OP_RETURN feature. While OP_RETURN can store information on the blockchain, it was exploited here to embed malicious text, luring the owner to visit a fake page. This page falsely claims that the wallet is "lost or abandoned" and impersonates the now-defunct Wall Street investment bank Solomon Brothers, trying to extract the owner’s personal information. BitMEX warned on the X platform that this site is illegal, part of a Bitcoin scam, and multiple old addresses from 2011 have become targets of similar attacks.

CME Group's Solana futures trading volume has surpassed 4 billion USD.

According to Cointelegraph, futures trading volume of Solana (SOL) on the Chicago Mercantile Exchange Group (CME Group), one of the largest regulated derivatives exchanges in the world, has surpassed $4 billion.

a16z Crypto has emptied its COMP holdings and today transferred an additional 400,000 COMP to Coinbase Prime.

According to on-chain analyst Yu Jin's monitoring, 3 hours ago, crypto VC a16z Crypto transferred the last 400,000 COMP (worth $16.48 million) from their address to Coinbase Prime, completely clearing their COMP holdings. They had only transferred 400,000 COMP to Coinbase Prime at the end of last month, and today they transferred another 400,000. In just 10 days, they transferred a total of 800,000 COMP to Coinbase Prime, worth up to $34.81 million. 10 days ago, when they transferred out 400,000 COMP, the price of COMP was still $46, but now the price of COMP is only $41. This represents an 11% decline. Transferring out another 400,000 now may further cause the price of COMP to drop.

) financing

AI-driven cryptocurrency trading platform OlaXBT completes $3.38 million seed round financing, led by Amber Group.

According to official news, the AI-driven cryptocurrency trading platform OlaXBT announced the completion of a $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 consisting of interoperable MCP servers and chat-based trading terminals.

Institutional Increase

Remixpoint raised 31.5 billion yen to purchase Bitcoin, planning to increase its holdings to 3,000 Bitcoins.

Japanese listed company Remixpoint announced that it has raised approximately 31.5 billion yen (about 215 million USD) through financing and plans to use all the funds to purchase Bitcoin. The company currently holds 1,051 BTC, with a recent goal of increasing its holdings to 3,000. The company stated that this move is based on a strong belief in the future of Bitcoin and the result of long internal discussions. Previously, it was reported that Japanese listed company Remixpoint would pay its CEO's salary entirely in Bitcoin.

The Japanese clothing chain brand Mac House plans to invest 1.7 billion yen to purchase Bitcoin, starting on September 17.

Japan’s nationwide chain 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 mainly adopt a regular investment approach known as "Dollar-Cost Averaging," while flexibly adjusting the timing and amount of purchases during significant market downturns. The funding for this investment comes from a third-party targeted capital increase completed by the company on June 19, raising more than expected. An additional 915 million yen was added on top of the originally planned 800 million yen, bringing the total investment amount to 1.715 billion yen. The main investor in this capital increase, EVO FUND, had previously supported several Japanese companies in implementing Bitcoin treasury strategies, including MetaPlanet and Remixpoint. Previously, it was reported that the Japanese clothing chain brand Mac House announced its entry into the Bitcoin mining sector.

Publicly traded company GameSquare raises $8 million to launch Ethereum fund management strategy.

According to the official announcement, media, entertainment, and technology company GameSquare Holdings (NASDAQ: GAME) has announced that the pricing for its previously announced underwritten public offering has been set, with 8,421,054 shares of common stock (or common stock equivalents) being sold at a price of $0.95 per share, expected to yield total proceeds of approximately $8 million before deducting underwriting discounts and commissions and offering expenses. The company intends to use most of the proceeds to accelerate the launch of its newly established Ethereum fund management strategy. The GameSquare board has approved phased investments in Ethereum, with a total amount of up to $100 million, while reserving sufficient working capital for operational business.

H100 Group raises an additional approximately $54 million to advance its Bitcoin reserve strategy.

According to the official announcement, the H100 Group of Sweden has raised an additional 516 million Swedish Krona (approximately 54 million USD) through the execution of the sixth and seventh phases of financing (which was first announced on June 16, 2025). The funds will be used to advance investment opportunities within the framework of the Bitcoin reserve strategy. Thus, the total amount of financing raised by the group has reached 921 million Swedish Krona (96 million USD), significantly increasing from the previous 405 million Swedish Krona (42 million USD). Previously, on July 2, it was reported that the H100 Group increased its holdings by 47.33 BTC, bringing the total holdings to 247.54 BTC.

BTCS plans to raise 100 million USD for Ethereum strategic acquisitions

Blockchain technology company BTCS Inc. (NASDAQ: BTCS) announced plans to raise $100 million by 2025 for the acquisition of Ethereum. The company aims to maximize capital efficiency through an innovative financing model that combines decentralized finance (DeFi) with traditional finance (TradFi), including methods such as ATM issuance, convertible bonds, Aave on-chain lending, and node staking rewards, striving to become a leading publicly traded company in the Ethereum infrastructure space and maintain its leading position in Ethereum holdings among publicly traded companies.