Domestic Policy News - The State Council held a meeting on July 16 to discuss strengthening the domestic circulation, emphasizing the need for optimized policy design and collaboration among departments to promote economic stability and growth [9][10][11] - The National Committee of the Chinese People's Political Consultative Conference convened a meeting on July 18 to analyze the macroeconomic situation for the first half of 2025, highlighting the importance of maintaining employment, enterprises, and market stability amid a complex international environment [11][12] Overseas Policy News - On July 17, the U.S. House of Representatives passed the "Genius Act," establishing a regulatory framework for digital stablecoins, marking a significant legislative reform in cryptocurrency regulation [2][14] - Data from the U.S. Treasury revealed that in May 2025, Japan and the UK increased their holdings of U.S. Treasury bonds, while China continued to reduce its holdings for the third consecutive month [16][20] Equity Market Analysis - A-shares experienced a slight increase in mid-July, driven by better-than-expected economic growth in the first half and policies encouraging long-term capital inflow [22][23] - The MSCI China A-share index rose by 1.2% in the third week of July, while the Southbound capital maintained a net inflow of nearly 20 billion yuan [22][23] Fixed Income Market Analysis - The People's Bank of China indicated a commitment to increasing monetary easing, with a net injection of 9.749 billion yuan into the market through open market operations [3][21] - The central bank's policies have shown a positive impact on supporting the real economy, with a notable increase in the effectiveness of monetary policy [3][21] Commodity Market Analysis - The prices of non-ferrous metals showed a slight rebound, while crude oil prices experienced a minor decline [3][21] - The Ministry of Industry and Information Technology announced the implementation of a work plan to stabilize growth in ten key industries, including steel and non-ferrous metals [3][21] Foreign Exchange Market Analysis - The U.S. dollar index strengthened slightly, closing at 98.46 on July 18, while the renminbi faced depreciation pressure, trading at 7.18 [4][20] - A joint announcement from seven departments encouraged foreign investment in domestic reinvestment, aiming to enhance the investment environment [4][20] Major Asset Rotation Outlook - The report anticipates further fiscal expansion and moderate monetary easing in the second half of the year, with a focus on structural adjustments to address uncertainties from U.S. trade policies and geopolitical risks [4][20]

趁热打铁 BitGo秘密提交美国IPO申请 比特币/美元 金十数据7月22日讯，加密货币托管公司BitGo控股公司周一表示，在数字资产市场一片乐观情绪中，该 公司已秘密提交IPO申请。BitGo成立于2013年，是美国最大的加密货币托管公司之一，为客户存储和 保护数字资产。加密行业市值攀升至4万亿美元，比特币最近创下历史新高，突破了12万美元大关。 Renaissance Capital高级策略师马特•肯尼迪表示："这是加密货币领域多年来最好的市场条件，公司希望 利用这一点。加密初创公司知道，IPO的窗口可能会意外关闭，尤其是在像加密货币这样动荡的领域， 所以他们希望趁热打铁。" ...

Core Insights - BitGo Inc. has experienced a significant increase in its assets under custody, growing from $60 billion to $100 billion by the first half of 2025, driven by clearer global regulatory frameworks and the rising popularity of cryptocurrencies [1][2] - Approximately half of the assets under custody involve staking activities, where investors collateralize their cryptocurrency assets to participate in blockchain transaction validation and earn additional token rewards [1] - BitGo, established in 2013, has become one of the largest cryptocurrency custody institutions in the U.S., offering not only custody services but also digital asset trading and lending services [1] - Following a $100 million funding round in 2023, BitGo's valuation reached $1.75 billion, with notable early investors including Goldman Sachs, DRW Holdings, Redpoint Ventures, and Valor Equity Partners [1] - The company is considering an initial public offering (IPO) as early as the second half of this year, potentially becoming another digital asset firm entering the capital markets after former President Trump’s renewed support for the cryptocurrency industry [1] - Trump's administration has appointed pro-cryptocurrency regulatory officials and has pushed for stablecoin legislation, further influencing the market [1] Global Expansion - Over the past year, BitGo has accelerated its global expansion, securing strategic investments from South Korea's Hana Financial Group and SK Telecom in September 2024, and successfully entering the Dubai market in early 2025 [2] - The operations of the South Korean joint venture are reported to be progressing smoothly [2]