稳定币发行商Circle(CRCL.US)自6月首次公开募股以来其业务发展迅猛。该公司将于周二首次公布上市 后的季度业绩报告。数据显示，华尔街预计Circle在开盘前发布的第二季度财报将出现亏损。市场普遍 预期其调整后每股亏损0.08美元，营收为6.47亿美元。该股票自其每股31美元的首次公开募股价格以来 已上涨超过400%。这是因为美国有利于加密货币的立法措施推动了该行业的发展。 然而，华尔街的另一些人则认为，这只股票能让投资者参与到人们对稳定币日益高涨的热情之中。 Seaport Research分析师Jeff Cantwell上个月写道："Circle是稳定币领域的全球领军企业，目前在公开市 场上的稳定币业务最为纯粹。我们预计随着该公司为自身及其合作伙伴创造更多机会，其股价还将进一 步上涨。"该分析师对该股票给予"买入"评级，并设定目标价格为280美元。 在美国法案获得通过后，投资者将会关注美元稳定币的流通量以及稳定币的市场份额的变化。该法案为 以美元等资产为支撑的数字代币制定了监管框架和相关规则。 Circle公司的主要收入来源是利息收入——具体来说就是来自为其稳定币(USDC，即USDC对美元的兑 ...

智通财经APP获悉，稳定币发行商Circle(CRCL.US)自 6 月首次公开募股以来其业务发展迅猛。该公司 将于周二首次公布上市后的季度业绩报告。数据显示，华尔街预计 Circle 在开盘前发布的第二季度财报 将出现亏损。市场普遍预期其调整后每股亏损 0.08 美元，营收为 6.47 亿美元。该股票自其每股 31 美元 的首次公开募股价格以来已上涨超过 400%。这是因为美国有利于加密货币的立法措施推动了该行业的 发展。 该公司通过管理稳定币相关储备所获得的收入从 2022 年的 7.359 亿美元增长至 2023 年的 14 亿美元， 再到 2024 年的 17 亿美元。这分别占了 Circle 经常性业务总收入的 95.3%、98.6% 和 99.1%。Circle 还 会将部分收益与 Coinbase(COIN.US)进行分配，后者是其重要的合作伙伴。 上个月，华尔街的分析师们指出，在今年下半年，这家热门公司的业务将面临诸多风险，其中包括分销 成本的上升。 Compass Point分析师Ed Engel写道："在未来几个月里，我们预计 Circle 将扩大其分销网络，并在利息 收入分配中占据更大的 ...

Cohne表示："这给了他们一个提升业绩的机会。" 虽然目前持有加密货币的共同基金数量还很少，但他 预计，随着加密货币行业逐渐被金融主流所接受，投资加密货币的基金数量将会增加。 多年来，普通的股票共同基金一直在流失资金。但过去一年比特币价格飙升100%，给规模达9万亿美元 的主动管理型基金投资组合带来了提振。截至7月的12个月期间，通过交易所交易基金(ETF)投资比特币 的10只基金中，有7只基金的回报率平均高出基准指数22个百分点。 对此，Bloomberg Intelligence的David Cohne表示，虽然选股也对这些基金的优异表现起到了重要作用， 但比特币也带来了显著的提振作用。 该策略师发现，其中一只基金Kinetics Internet Fund(WWWFX)，其3.48 亿美元资产中约有一半投资于两 只Grayscale 比特币ETF，这些ETF在此期间表现超出基准标普500 指数23个百分点。WWWFX大部分回 报来自与代币挂钩的产品。 尽管加密货币行业因充斥着非法活动而饱受诟病，但即使考虑到大幅下跌的影响，比特币年复一年的惊 人涨幅也令人难以忽视。尽管许多股票共同基金经理仍受投资规定限 ...

Group 1 - Bullish, supported by billionaire Peter Thiel, has increased its IPO offering size to 30 million shares, priced between $32 and $33 per share, aiming to raise $990 million with a target valuation of $4.8 billion [1] - Previously, Bullish planned to issue 20.3 million shares at a price range of $28 to $31 per share [1] - The company intends to list on the NYSE under the ticker "BLSH" [1] Group 2 - The increase in IPO applications from cryptocurrency companies follows the acceptance of the crypto industry by the Trump administration and the significant rise in stock price of Circle after its $1.2 billion IPO in June [1] - Bullish had previously announced plans to go public through a SPAC merger in 2021, which was valued at approximately $9 billion, but this merger was terminated in 2022 [1] Group 3 - Bullish has granted underwriters led by JPMorgan, Jefferies, and Citigroup a 30-day option to sell an additional 4.5 million shares [2] - BlackRock and ARK Investment Management, led by Cathie Wood, have expressed interest in purchasing up to $200 million worth of shares [2]

Core Viewpoint - The recent executive order from President Trump allows alternative assets such as private equity, real estate, and cryptocurrencies to be included in 401(k) retirement savings plans, potentially opening up approximately $12.5 trillion in retirement accounts to higher-risk investments, which has been welcomed by Wall Street investment giants but criticized for the risks it poses to American retirees' savings [1][2]. Group 1: Impact on Retirement Savings - The 401(k) retirement savings plan, a crucial pillar of the U.S. pension system, has traditionally focused on lower-risk assets like stocks and bonds, but this new directive could reshape the financial future of 90 million Americans [1]. - Since 2007, the funds managed under the 401(k) plan have tripled, reaching several trillion dollars, indicating a significant growth potential that private capital groups are betting on with this policy change [2]. Group 2: Risks and Concerns - Experts warn that while the theoretical benefits include broader investment opportunities for ordinary Americans, the higher risks associated with private markets could lead to substantial losses in retirement savings [2][3]. - The lack of transparency and liquidity in private assets compared to traditional investments raises concerns, especially during market downturns when many investors may attempt to sell simultaneously [2]. - The fees associated with private equity investments are significantly higher than those for typical 401(k) investments, with management fees reaching 1% to 2% and performance fees up to 20%, which could further erode retirement savings [2].

Core Viewpoints - CoreWeave and Circle have seen significant stock price increases since their IPOs, with CoreWeave's stock rising nearly 250% and Circle's stock increasing fivefold since their respective listings [1] - The upcoming earnings reports for both companies will be crucial in shaping investor confidence in the AI and cryptocurrency sectors [1][5] - Meeting or exceeding market expectations is critical for companies in hot industries like CoreWeave and Circle [5] CoreWeave Summary - CoreWeave's growth is driven by strong demand for AI infrastructure, but concerns exist regarding its ability to raise capital [1][2] - The company has projected capital expenditures between $20 billion and $23 billion for the year but has only raised $5 billion in debt funding so far, creating a significant funding gap [2] Circle Summary - Circle's future revenue is heavily dependent on the direction of U.S. interest rates, as most of its income comes from interest on short-term U.S. Treasury securities backing its USDC stablecoin [3] - A loose monetary policy could decrease interest income for Circle, but it may also increase risk appetite in the market, potentially boosting USDC usage [3] - Analysts predict increased speculative activity in the cryptocurrency space under a loose monetary policy, with a target price of $250 for Circle's stock, indicating a 55% upside potential [3] IPO Dynamics - New public companies have successfully alleviated investor concerns about high valuations through strong earnings reports, leading to further stock price increases [4] - The success of CoreWeave and Circle's IPOs reflects a strategy of starting with reasonable valuations and favorable price discovery processes, driven by institutional enthusiasm and retail investor demand [5]

Group 1 - World Liberty Financial, supported by the Trump family, is seeking investors to raise $1.5 billion to establish a publicly listed company holding its WLFI tokens [1] - The Singapore Exchange is expected to launch cryptocurrency perpetual futures by the end of the year to address the demand for neutral yield management and hedging in cryptocurrency options [1] - Stablecoins are rapidly emerging as a significant variable in changing global currency flows, expanding the use of the US dollar into lower-tier consumption, savings, and settlement scenarios [1][2] Group 2 - In countries like Argentina and Nigeria, USDT has become an alternative tool for corporate import payments and personal savings, with 40% of savings in Argentina shifting to USDT and over $59 billion in cryptocurrency received annually in Nigeria [1] - The Philippine government allows residents to pay social security using USDT, while Turkey ranks first globally in stablecoin trading volume relative to GDP, with citizens using USDT to hedge against the lira's depreciation [1] - The long-term outlook for stablecoins in international payments is positive, with market share expected to continue rising as regulatory frameworks improve [3] Group 3 - The stability of fiat-collateralized stablecoins depends on the reliability of their underlying assets, with USDT previously facing scrutiny over its reserve backing [7] - Companies using stablecoins must ensure transparency of reserve asset information and compliance with accounting standards, as market conditions can lead to value fluctuations [7] - Stablecoins are vulnerable to cybersecurity risks, necessitating strong security measures to mitigate potential vulnerabilities, as evidenced by the 2016 Bitfinex hack where $37 million worth of USDT was stolen [7]

Market Overview - The US stock market continues to experience volatility under multiple pressures, with the three major indices slightly declining. The S&P 500 index tested the critical resistance level of 6400 points four times without success, closing at 6373.45 points, down 0.25% [1] - The Dow Jones Industrial Average and the Nasdaq Composite Index fell by 0.45% and 0.3%, respectively [1] Economic Indicators - Market sentiment is cautious ahead of the July CPI data release by the Federal Reserve, with institutions generally believing that inflation data will serve as a short-term directional indicator [1] - JPMorgan estimates that if the July core CPI month-on-month growth is below 0.25%, the S&P 500 could rebound by 1.5%-2%. Conversely, if it exceeds 0.4%, a pullback of 2%-2.75% may occur [2] Sector Performance - Despite market pressure, Tesla has become a focal point, rising for the fourth consecutive trading day with a daily increase of over 2.8%. This performance stands out against the backdrop of weak traditional energy and airline sectors [2] - Tesla's strong performance is attributed to expectations surrounding its earnings season and structural opportunities in the electrification trend [2] - In contrast, major tech companies like Nvidia and Apple experienced slight declines due to a cooling market risk appetite [2] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.29%, with Xpeng Motors rising nearly 6% due to domestic policy support for new energy vehicles and industry "de-involution" progress. However, Alibaba and JD.com continue to face valuation pressures [3] - The lithium mining sector surged due to news of a production halt at CATL, with stocks like Yahua and SQM seeing daily increases of over 8% [3] Geopolitical Factors - Geopolitical risks are also a source of market disturbance, with President Trump announcing a tentative meeting with Putin, which may involve discussions with Ukrainian President Zelensky. Market reactions included a decline in precious metals futures, with COMEX gold and silver contracts dropping by 2.8% and 2.33%, respectively [4] - Analysts suggest that any easing of US-Russia relations could alleviate global trade concerns, but short-term uncertainties in geopolitical dynamics will continue to suppress risk asset valuations [4] AI and Cryptocurrency Markets - The AI application sector is facing challenges, with C3.ai's stock plummeting by 25.58% due to disappointing earnings, and BigBear.ai's stock dropping nearly 30% post-earnings [5] - The cryptocurrency market has also seen volatility, with Ethereum-related stocks experiencing mixed performance, reflecting investor caution regarding digital currency fluctuations [5] Investment Strategies - Overall, the US stock market is in a delicate balance between "fundamental support" and "valuation pressure." Short-term market movements may revolve around CPI data and US-Russia meetings, while long-term observations will focus on whether corporate earnings can absorb high valuations [5] - UBS's Chief Investment Officer suggests that investors who are fully allocated should consider short-term hedging, while those with insufficient positions may wait for a pullback opportunity [5]

Group 1: Market Overview - The U.S. stock market opened with narrow fluctuations, with the three major indices showing mixed results, while cryptocurrency-related stocks surged significantly, with BitMine Immersion rising over 35% [1][3] - The lithium mining sector also saw strong performance, with Sigma Lithium up over 16% and Lithium Americas up over 8% [3] Group 2: Cryptocurrency Market Dynamics - The rise in cryptocurrencies like Bitcoin is attributed to multiple favorable factors, including continuous institutional inflows into Bitcoin and Ethereum spot ETFs, and increasing expectations for Federal Reserve interest rate cuts [1][4] - Analysts expect Bitcoin to potentially break its historical high this month due to a positive macroeconomic outlook supporting risk assets [1] Group 3: Institutional Interest and Investment Trends - Large investors are increasingly interested in cryptocurrencies, with nine Ethereum spot ETFs in the U.S. attracting over $6.7 billion in net inflows this year [6] - Companies focusing on accumulating cryptocurrencies have also contributed to the price increases of Bitcoin and Ethereum, with digital asset financial companies holding approximately $113 billion in Bitcoin reserves and around $13 billion in Ethereum [6] Group 4: Future Projections and Sentiment - Analysts predict that Ethereum may reach new historical highs more easily than Bitcoin, especially if the weekly closing price exceeds $4,100 [5] - The sentiment in the options market reflects bullish expectations for Ethereum, with a put-call ratio of 0.39 and significant concentration of call options at a $6,000 strike price [6] Group 5: Notable Institutional Moves - Harvard Management Company has made substantial investments in Bitcoin ETFs, acquiring 1.9 million shares of BlackRock's iShares Bitcoin ETF valued at $116.7 million [7] - The Trump family is also exploring cryptocurrency investments, with discussions around a company that would hold WLFI tokens [7]

Group 1 - Alt5 Sigma, a lesser-known medical technology company, is shifting its focus from chronic pain treatment to the cryptocurrency sector, planning to raise $1.5 billion by selling shares to purchase WLFI cryptocurrency issued by World Liberty [1][3] - The company's market capitalization was only $180 million at the close last Friday, indicating that the transaction will significantly dilute existing shareholders' equity [3][10] - After the transaction, Alt5 Sigma will issue a total of 200 million shares, with 100 million shares being privately placed by World Liberty Financial in exchange for WLFI tokens [10] Group 2 - The transaction will result in a complete overhaul of the company's equity structure, with Eric Trump joining the board and Zach Vitkov becoming the chairman [10] - Alt5 Sigma will hold 7.5% of the total supply of WLFI tokens, which amounts to 7.5 billion tokens, but the current lack of exchange listing makes it difficult to assess the asset's value [10] - The stock price of Alt5 Sigma experienced significant volatility, initially rising over 7% before dropping as much as 30%, ultimately closing down 26% due to uncertainty regarding the value of WLFI tokens [10] Group 3 - Alt5 Sigma's move reflects the growing entanglement between the U.S. stock market and the cryptocurrency sector, with many U.S. listed companies beginning to purchase digital currencies [13] - This trend allows stock investors to gain exposure to "crypto-like assets" without needing to set up digital wallets, although it often leads to irrational premiums on these "crypto stocks" [13] - The Trump family's involvement in the cryptocurrency space is further evidenced by previous collaborations, including a new Bitcoin mining venture and plans for a Bitcoin ETF by Trump Media Technology Group [13]