A-shares - A-shares steadily rose this week, with the Shanghai Composite Index increasing by 1.67% to close at 3593.66 points, reaching a weekly high of 3613.02 points [1] - The Shenzhen Component Index rose by 2.33%, while the ChiNext Index increased by 2.76% [1] - Sectors such as water conservancy, infrastructure, rare earths, rare metals, and artificial intelligence showed strong performance [1] Hong Kong Stocks - The Hang Seng Index continued its upward trend, rising by 2.27% to 25388.35 points, while the Technology Index increased by 2.51% to 5677.9 points [2] - Southbound funds recorded a net inflow of over 30 billion HKD this week [2] - The building materials and semiconductor sectors led the gains [2] US Stocks - All three major US stock indices closed higher this week, with the Dow Jones up 1.26%, the Nasdaq up 1.02%, and the S&P 500 up 1.46% [3] - Large tech stocks had mixed performances, with Intel's stock experiencing a significant decline [3] Positive Developments - The 2025 World Artificial Intelligence Conference commenced, attracting over 800 participating companies, with more than 50% being international [4] - TikTok's revenue is projected to reach 23 billion USD in 2024, marking a 42.8% year-on-year growth, making it the fourth largest social app by revenue [4] - Alibaba's new open-source Qianwen 3 reasoning model has been launched, claiming to be on par with top closed-source models [5] - The Chinese Automotive Circulation Association reported that the Xiaomi SU7 has the highest one-year retention rate among electric vehicles at 88.91% [6] - Yushutech released its third humanoid robot, UnitreeR1, priced from 39,900 CNY [7] Negative Developments - Former President Trump announced plans to impose tariffs of 15% to 50% on most countries [10] - Tesla reported a second-quarter revenue of 22.496 billion USD, a 12% year-on-year decline [10] - Louis Vuitton experienced a data breach affecting nearly 420,000 customers in Hong Kong [11] - Intel is implementing a layoff plan affecting approximately 15% of its workforce, aiming to reduce its total employee count to about 75,000 by year-end [11] - Amazon's AWS Shanghai AI research institute has been dissolved due to strategic adjustments [12] - China Duty Free Group reported a 20.81% year-on-year decline in net profit for the first half of 2025 [12] IPOs and Listings - Shanda Electric and Jiyuan Group debuted on the A-share market, with significant first-day gains of 356% and 274.54%, respectively [16] - Yushutech has initiated its IPO counseling, with plans to submit its application by October [17] - Several companies, including Liyou Technology and Jiangsu Zhonghui Biotechnology, have submitted applications for H-share listings in Hong Kong [18][21] - Universal Music Group has secretly filed for a U.S. IPO [22] - McGraw Hill raised 414.63 million USD in its IPO, pricing shares at 17 USD each [26]

Group 1 - BitGo, a cryptocurrency custody company, has secretly filed for an IPO in the U.S. with the SEC, although the number of shares and price range are yet to be determined [1] - Flexjet, a leading private aviation service provider, has completed an $800 million equity financing round, marking the largest single equity investment in the private aviation industry to date [2] - The China Real Estate Association held a training session on real estate debt restructuring, attended by over 170 participants from various sectors, aiming to create a better policy environment for the industry [3][4] Group 2 - Eight provinces in China have raised their minimum wage standards as of June 2024, providing new wage level information for enterprises and workers [5] - The World Health Organization plans to release new guidelines for treating adult obesity based on GLP-1 therapy in September 2025, developed by a group of experts [6][7] - JD.com announced a plan to invest 10 billion yuan to build a new supply chain and aims to establish 10,000 "Seven Fresh Kitchens" across the country within three years [8][9] Group 3 - The UK has seized seven cryptocurrency ATMs, arresting two individuals on charges related to money laundering and operating illegal cryptocurrency exchanges [10] - China Ruyi intends to acquire a 30% stake in Kuaiqian Financial for 240 million yuan, as announced in a recent stock exchange filing [11] - Several high-rated domestic films have been released in July, with "The Lychee of Chang'an" and "The Legend of Luo Xiaohei 2" leading the box office [12] - OpenAI has established a strategic partnership with the UK government to accelerate AI applications and expand its business in the UK [13] - Morgan Stanley analysts predict that Apple's Q3 performance will exceed Wall Street expectations [14]

Core Viewpoint - BitGo has submitted a confidential IPO registration statement to the SEC, aiming to list on a major U.S. exchange, positioning itself as a compliant service provider in the crypto space alongside Coinbase and Circle [1][4]. Group 1: Company Overview - BitGo is one of the earliest providers of crypto asset custody and multi-signature security solutions for institutional investors, having received investments from notable firms like Founders Fund, Galaxy Digital, and Goldman Sachs [2]. - The company is headquartered in Palo Alto, California, and has obtained digital asset custody and trust licenses in the U.S., Germany, and Singapore, serving over 1,500 mainstream platforms and funds [2]. - BitGo's CEO, Mike Belshe, is a former Google engineer and has emphasized compliance, security, and institutional focus as the long-term direction for the industry [1][3]. Group 2: Business Development and Strategy - After a failed acquisition by Galaxy Digital in 2022, BitGo has pursued an independent growth strategy, launching enhanced custody services and plans to introduce Crypto-as-a-Service (CaaS) in 2024 [3]. - As of Q2 2025, BitGo's custody assets are projected to exceed $100 billion, making it one of the few companies with full compliance and on-chain custody capabilities [3]. - The company has strengthened partnerships with auditing firms, insurance companies, and bank custody departments to create a neutral infrastructure platform that serves both crypto-native and traditional finance markets [3]. Group 3: Market Context and Regulatory Environment - The IPO comes at a time when regulatory clarity and capital re-evaluation are converging, with the recent passage of the GENIUS Act establishing a federal regulatory framework for stablecoins [6][8]. - The demand for custody services is rising, driven by the increasing circulation of stablecoins and the overall crypto market capitalization surpassing $4 trillion [8]. - BitGo's listing could enhance its valuation and position it as a key player in the compliant infrastructure segment of the crypto market, potentially facilitating greater institutional investment [12][14]. Group 4: Industry Implications - If successful, BitGo's IPO will join Circle and Coinbase in forming a "compliance triangle," serving as a technological infrastructure for mainstream financial systems to access the crypto market [12]. - The shift in narrative from "Token is the new stock" to "Custody is the new infrastructure" indicates a broader industry transition towards compliant asset ecosystems [14].

Core Insights - The report highlights significant developments in the U.S. debt market, with a focus on the recent fluctuations in bond yields, particularly the 2-year, 5-year, and 10-year Treasury yields [4] - It also discusses the impact of geopolitical events, such as tariff negotiations involving the Philippines and the EU's potential countermeasures against the U.S. [4] - The report notes the performance of major stock indices, including the Nasdaq and Dow Jones, indicating a mixed market sentiment [5] Economic Data - The Baltic Dry Index closed at 2016.00, down by 1.75% [5] - The Nasdaq Composite Index closed at 20892.69, down by 0.39%, while the Dow Jones Industrial Average closed at 44502.44, up by 0.40% [5] - The ICE Brent crude oil price was reported at 68.67, down by 0.78%, and the London gold spot price was at 3431.20, up by 1.02% [5] - The U.S. dollar index was at 97.36, down by 0.49%, and the exchange rate for USD to RMB was 7.18, down by 0.02% [5] Market Performance - The Hang Seng Index closed at 25130.03, up by 0.54%, while the Hang Seng China Enterprises Index was at 9075.60, up by 0.39% [5] - The Shanghai Composite Index closed at 3581.86, up by 0.62%, and the Shenzhen Composite Index was at 2188.95, up by 0.58% [5] - The CSI 300 Index closed at 4118.96, up by 0.82%, and the ChiNext Index was at 2310.86, up by 0.61% [5]

Group 1 - BitGo has secretly filed for an IPO with the SEC, coinciding with the global digital asset market surpassing $4 trillion, indicating a shift of the digital asset industry into traditional capital markets [1] - Established in 2013, BitGo focuses on providing digital asset custody services to institutional clients such as exchanges, banks, and investment firms, highlighting its strategic value as a "back-end vault" as institutional interest in cryptocurrencies grows [1] - The IPO plan is seen as a critical step in the transition of crypto assets from a "technical experiment" to "mainstream financial infrastructure," aligning with SEC standards for regulated digital asset service providers [1] Group 2 - Current market conditions are described as the best in years for the crypto sector, with BitGo's potential IPO expected to attract more traditional investors through compliant channels, creating a positive cycle of regulation, capital, and technology [2] - The recent successful listings of stablecoin issuer Circle and trading platform eToro, with Circle's stock price soaring 630% since its IPO, are encouraging more firms in the crypto space to pursue public offerings [2] - BitGo's IPO could have profound implications for the entire crypto industry, marking a milestone that could integrate custody, trading, and insurance into the global financial system [2]

🗞️ Need to catch up on the news? Here's our top 10 from today:🔸 Solana flips BNB in market cap to become the 5th largest cryptocurrency.🔹 The White House will release its first crypto policy report to the public before the end of the month, per Eleanor Terrett.🔸 Western Union CEO says the bank is looking into offering stablecoin products in its digital wallets to the customers around the world.🔹 Strategy files for $500M IPO to offer 5M shares of STRC, with proceeds allocated to corporate operations and Bitc ...

The Daily: Strategy buys $740 million in bitcoin, Trump Media's bitcoin stash hits $2 billion, BitGo files for IPO and more https://t.co/r73KMejdaD ...

Less than 20 minutes until the closing bell. S&P sitting on about a quarter% gain. Ethereum has been on a tear, rallying nearly 50% this month alone.Tana Mackle is here with more on this big move and how it relates to the rest of crypto. Yeah, Mike. So, the crypto market just kind of taking a breather right now after the momentous week that we had uh last week, but I do expect that to come back a little bit as the public markets open up to crypto.Uh let's talk crypto treasury companies. This morning we saw ...

Let's turn now to crypto as shares of the blank check company Dynamix Corp. are higher. On the news, they'll merge with crypto venture the Ether Reserve to form a new company called the Ether Machine. Got that.That deal is expected to close in Q4. And Ether Machine will trade on the NASDAQ under the ticker EHTM. It's a spa.In other words, CNBC crypto reporter Tana McKiel says it's vying to be the micro strategy of Ether, but with a focus on generating yield. Let's bring her in to discuss. And tonight, this ...

IPO Filing - BitGo 已秘密提交美国 IPO 申请 [1] - BitGo 作为数字资产托管公司，加入了加密货币公司上市的浪潮 [1] Market Trend - 加密货币市场总值已超过 4 万亿美元 [1] - 加密货币市场需求激增，机构投资者的势头强劲 [1]