PA Daily | Strategy’s USD reserves rise to $3 billion; Samsung reportedly is preliminarily exploring the possibility of issuing ADRs in the US

Today’s Top Headlines:

Samsung is reportedly in preliminary talks about issuing ADRs in the US

Liang Wenfeng, founder of DeepSeek, doubles his net worth, topping the global rich list for AI model founders

ARK Invest executive: Ethereum as a settlement layer earns only 0.15% of revenue on Robinhood Chain—pricing is unreasonable

Bitcoin spot ETFs saw total net outflows of $425 million yesterday; Grayscale BTC net inflows of $53.3762 million rank first

Telegram’s core domain t.me has had .me registrar name resolution paused, leading to its removal from the global DNS

Binance Wallet has launched CASHCAT perpetual contract trading, supporting up to 10x leverage

Analysis: Bitcoin panic selling may be nearing the end, seller profit margins disappearing

Coinbase CEO publicly admits Base creator token strategy failed

Regulation & Macro

South Korea launches three national-level projects including semiconductors and AI, and will push on-chain treasury tokenization pilot

The South Korean government released the “Economic Growth Strategy for the Second Half of 2026,” announcing accelerated progress on three major “super projects”: semiconductor, AI data centers, and physical AI. It plans to enhance industrial competitiveness by building blockchain and digital asset ecosystems. Over the next five years, semiconductor storage capacity will be expanded to two times, and in the second half, a nationwide AI chat robot and a unified AI education platform will be launched. In addition, it will advance major demonstration projects for blockchain and digital asset ecosystems, launch a blockchain-based tokenization pilot for government bonds, and explore coordination with central bank institutional-type CBDCs. It will also establish a strategic investment account and a national growth fund to expand long-term capital support for strategic industries such as AI, quantum technology, security, and blockchain.

White House crypto adviser Patrick Witt will take leave and hand off to his deputy to push the “Clarity Act”

White House Chief Crypto Adviser Patrick Witt will take leave later this month and go to the Georgia Army National Guard to undergo JAG program training. Witt led negotiations for the “Clarity Act,” including brokering compromises between the crypto industry and banks on stablecoin yield. His departure comes at a key moment as Senate Republicans advance the “Clarity Act,” with his deputy Harry Jung stepping in. Witt also led implementation of a strategic Bitcoin reserve and the push for the “GENIUS Act.”

New Hampshire signs “Blockchain Basic Act,” protecting self-custody and crypto innovation

The Governor of New Hampshire signed the HB 639 bill (“Blockchain Basic Act”), providing legal protection for crypto users, miners, validators, and developers in the state, and allowing higher courts to establish case dockets for blockchain disputes. The law protects individuals’ rights to self-custody digital assets, offering clear legal safeguards for blockchain developers and others. Last May, the state had already passed a strategic Bitcoin reserve bill, allowing up to 5% of public funds to be invested in Bitcoin and precious metals. However, last week the state administrative committee rejected a proposal to issue Bitcoin-backed municipal bonds.

Wall Street fights for a voice on tokenized stock rules: US Securities Transfer Association lobbies the SEC and warns of risks

Project Updates

Samsung is reportedly in preliminary talks about issuing ADRs in the US

Samsung Electronics is in the early stage of assessing the issuance of US depositary receipts, having already held preliminary discussions with investment banks, but it has not yet decided whether to proceed. Last week, SK Hynix completed an $26.5 billion US listing, giving Samsung renewed motivation to re-evaluate. However, Samsung’s business spans storage chips, logic chips, smartphones, consumer electronics, and more—far more complex than SK Hynix—plus labor-management disputes, which may increase the difficulty of designing the trading architecture. Samsung’s stock price has risen cumulatively by about 120% this year, with its market cap surpassing $1 trillion.

Binance will remove multiple spot pairs including GLM/BTC and KNC/BTC on July 17

Binance will remove the spot trading pairs GLM/BTC, KNC/BTC, ONT/BTC, and XAI/USDC and stop trading at 11:00 on July 17, 2026 (Eastern Eighth Zone time), and the related trading bot services will be terminated at the same time. Tokens can still be traded through other trading pairs.

Binance will conduct wallet maintenance on the Ethereum network (ETH) on July 16, expected to take 1 hour

Binance will perform wallet maintenance on the Ethereum network at 14:00 on July 16, 2026 (Eastern Eighth Zone time), expected to take 1 hour. During maintenance, ETH deposits and withdrawals will be paused, and will automatically resume upon completion.

Telegram’s core domain t.me has had .me registrar name resolution paused, leading to its removal from the global DNS

Telegram’s core domain t.me has been set by the .me domain registrar to the serverHold status. The domain has been removed from the global DNS, and all t.me links are inaccessible. The change took effect today. Telegram, the .me registrar, and backend operator Identity Digital have not publicly explained.

The 2026 Fields Prize list leaked unexpectedly: Peking University alumni Wang Hong and Deng Yu make the list

The 2026 Fields Prize list leaked unexpectedly, with Peking University alumni Wang Hong and Deng Yu included. Chinese mathematicians will, for the first time, win the highest honor in mathematics in the same cohort. In the front-end code of the official ICM 2026 website schedule, hidden Fields Prize keynote speaker fields show the names of four people: Deng Yu, John Pardon, Jacob Tsimerman, and Wang Hong. If confirmed by the official on July 23, Wang Hong will become the third female Fields Prize winner in history.

Binance Wallet has launched CASHCAT perpetual contract trading, supporting up to 10x leverage

Upbit will list the DRV token on KRW, BTC, and USDT markets

South Korean crypto exchange Upbit will list the DRV token on KRW, BTC, and USDT markets.

Coinbase CEO publicly admits Base creator token strategy failed

Coinbase CEO Brian Armstrong publicly admitted that Base’s creator “content token” strategy, lasting more than a year, failed, saying “they didn’t work—we pivoted earlier this year.” Zora’s ZORA token is down about 95% from its all-time high, and its market cap has shrunk to about $30 million. Armstrong pushed back on criticism that Base is focusing on AI agents as chasing a trend, saying Base’s roadmap has always prioritized trading, payments, and agents. The roadmap released in March 2026 lists the global market, payment stablecoins, and AI agents as priorities, and it launched the x402 protocol and the “Coinbase for Agents” platform.

DTCC will demonstrate blockchain-based real-time stock trading workflow and push exploration of on-chain securities infrastructure

The Depository Trust & Clearing Corporation (DTCC) plans to showcase a blockchain-based real-time stock trading workflow this Wednesday. The aim is to optimize the clearing, settlement, and recording steps of stock trading and improve efficiency in capital markets operations. This demonstration is a verification test, not a move to fully migrate the stock market to blockchain. The market believes that on-chain securities could reduce costs and improve efficiency, but large-scale adoption still faces challenges including regulation, compliance, system compatibility, and coordination among market participants.

Google launches an offensive into Nvidia’s backyard: TPU officially targets the AI chip market leader position

Google is going head-to-head with Nvidia in the AI chip market competition, attempting to expand the commercialization of its self-developed TPU and capture more of the AI compute market. Google plans to sell TPU chips to emerging cloud computing service providers (Neoclouds), which are key customer groups driving growth in Nvidia GPU demand. This move implies that TPUs are shifting from internal dedicated infrastructure to a broader commercial chip platform, aiming to reduce AI companies’ reliance on Nvidia GPU ecosystems and expand its own influence in AI infrastructure.

Strategy raises $466.6 million via common stock ATM financing, boosting USD reserves to $3 billion

Strategy net raised $466.7 million via its MSTR common stock ATM plan, bringing USD reserves to $3 billion. In the same period, it did not purchase any Bitcoin. Its Bitcoin holdings remain at 843,775 BTC, with total cumulative acquisition cost of about $10k and average acquisition cost of about $75,476 per coin.

Views & Analysis

Analyst: Bitcoin’s adjusted NUPL has been negative for six straight weeks—market pressure eased but not reversed

Liang Wenfeng, founder of DeepSeek, doubles his net worth, topping the global rich list for AI model founders

DeepSeek founder Liang Wenfeng’s net worth is $36 billion, doubling from the prior $16.7 billion. He surpassed Dario Amodei, co-founder of Anthropic, and Greg Brockman of OpenAI to become the richest AI model founder in the world. The bulk of his wealth comes from DeepSeek. The company’s valuation has grown about fivefold from $10 billion in April. After completing a $7.4 billion fundraising round in June, valuation reached $50 billion. Liang Wenfeng personally invested $3 billion, and his shareholding was diluted to about 78%. This ranking counts only companies whose core business and revenue directly come from AI models.

ARK Invest executive: Ethereum as a settlement layer earns only 0.15% of revenue on Robinhood Chain—pricing is unreasonable

ARK Invest research director Lorenzo Valente pointed out that since Robinhood Chain went live, total revenue is about $816k. Arbitrum, as middleware, takes 10% (about $80k). Ethereum as the settlement layer earns only $1,538, about 0.15%. The profit structure is roughly Robinhood 89%, Arbitrum 10%, and Ethereum 0.15%. Valente said that if ETH is treated as money, this build-out on Robinhood is a bullish signal; if it is treated as an asset generating revenue, it creates a bearish case. He added that Ethereum’s “most valuable settlement layer is being sold at marginal cost,” and the market has not provided a correct price. A more reasonable split should be Robinhood 75%, Arbitrum 10%, and Ethereum 15%.

Masayoshi Son (SoftBank): The AI boom will require $5 trillion in investment every year

SoftBank Group founder Masayoshi Son said that by 2040, global AI infrastructure will need $5 trillion of investment each year to support the expansion of data centers, power supply, and humanoid robots. As AI develops into “artificial superintelligence” (ASI), the resulting revenues will justify the massive spending.

Analysis: Bitcoin panic selling may be nearing the end, seller profit margins disappearing

Bitcoin is down 28% this year, but panic selling may be near its end. Price resilience is showing: even as tensions between Iran and the US escalated, Bitcoin still held above $62k over the weekend. ETF flows reversed: last week US spot Bitcoin ETFs saw net inflows of $197 million, ending eight straight weeks of outflows. Wintermute trader said weak-handed sellers have basically exited, and marginal seller exhaustion is underway. Nexo analysts added that average daily net selling of nearly 2,000 BTC in June slowed to only 53 BTC in July. But FxPro analysts warned that the rebound is mainly driven by derivatives traders, and the spot market is still not optimistic; without strong buyer liquidity, prices could stay range-bound for months. This week’s US CPI and the testimony by the Fed chair will be key variables.

Analysis: Bitcoin bear market is held back by three factors, but it may still rebound to $100k by year-end

Bitcoin has kept falling since October last year, hovering around half of the historical high of $126k. The market remains in a deep bear phase. Analysts believe the pressure mainly comes from the four-year cycle, macro inflation pressure, and market leverage liquidations. Bitwise chief investment officer said the four-year cycle pattern reinforces cyclical trading psychology, with some long-term holders reducing exposure. Grayscale research head said a rebound in US inflation weakens expectations for rate cuts, pushing investors toward traditional assets. Excess market leverage amplifies downside pressure, and Strategy’s stock price is down about 75% since October last year. However, some analysts still expect a rebound: 21Shares expects Bitcoin to bottom in summer and target $100k by year-end; Grayscale’s research head expects a short-term bottom around $58k.

Coinbase: With multiple negative catalysts, Bitcoin is relatively resilient—may indicate the market is building a base

Coinbase Institutional said that while the non-farm employment data came in below expectations, the escalation of conflicts in the Middle East has put inflation back in focus. The market is pricing a “higher for longer” interest-rate environment. Financial conditions for long-cycle risk assets have tightened, and the probability of rate hikes increases by year-end. Bitcoin has fallen only about 2% on the negative news, which may suggest the bottoming process. Meanwhile, stablecoin market cap has nearly doubled since January 2024, but adjusted for actual entities, trading volume has grown four to five times—indicating stablecoins are circulating faster and increasingly being used for real payments.

Joseph Lubin: Tens of thousands of companies will move into the Ethereum ecosystem in the next 2–3 years, and L1 revenue will grow significantly

ConsenSys founder Joseph Lubin believes Ethereum Layer 1 fees should remain low to drive ecosystem growth. Over the next two to three years, tens of thousands of companies will build businesses based on a combination of Ethereum L1, L2, and Besu and other private permissioned EVMs. These networks will be fully interoperable with L1 and L2. Currency premium will grow substantially; L1 fee revenue from massive activity will increase significantly. Staking and other ETH lock mechanisms will reduce supply, and if ETH returns to a net-burn state, it will further push up the value of ETH.

Franklin Crypto CIO: Crypto prices are decoupled from fundamentals; institutional adoption is accelerating

Franklin Crypto chief investment officer Seth Ginns said that although digital asset prices have not reflected the industry’s strongest fundamentals over the years, institutional adoption of crypto is accelerating. Traditional finance and crypto integration momentum is strong, and in the current market environment, liquidity-focused crypto investments are increasingly attractive. Robinhood’s blockchain initiatives are an example of traditional finance distribution shifting toward crypto infrastructure; the adoption of tokenized money market funds, tokenized stocks, and stablecoins is driving the convergence. Ginns expects the Senate vote on the “Clarity Act” will provide more regulatory certainty for institutions, and he is optimistic about Hyperliquid’s revenue-driven token buyback model, believing DeFi protocols such as Uniswap, Aave, and Chainlink can benefit from improved token value-capture mechanisms.

Key Data

Bitcoin spot ETFs saw total net outflows of $425 million yesterday; Grayscale BTC net inflows of $53.3762 million rank first

On July 13, total net outflows from Bitcoin spot ETFs were $425 million. Grayscale’s Bitcoin mini trust ETF BTC saw net inflows of $53.3762 million, ranking first, with historical total net inflows reaching $63.69B. VanEck ETF HODL recorded net inflows of $6.1399 million; Fidelity ETF FBTC recorded net outflows of $246 million. Total net assets of Bitcoin spot ETFs were $816k, with a net asset ratio of 5.99%, and historical cumulative net inflows of $80k.

As Korean stocks plunged, Upbit 24-hour trading volume surged 1,016.4%

As South Korean equities crashed, Upbit’s 24-hour trading volume surged 1,016.4%, with trading value exceeding $50k.

A US government address transferred about $297 million worth of BTC and ETH to Coinbase Prime 5 hours ago

5 hours ago, a US government address transferred 3,940.7 BTC ($244 million) and 30.01k ETH ($53.09 million) to Coinbase Prime, totaling about $297 million. The address currently still holds about $20.5 billion in crypto assets, including 325k BTC, 145 million USDT, 28k ETH, and 62,000 BNB.

A new address withdrew 37k ETH from Gemini and staked it, worth $65.66 million

A whale has held ETH for four years and is reportedly in an unrealized loss of $23.8 million; it may be cutting and exiting.

Analyst: Since Bitcoin’s peak, meme coins have accumulated net sells of $1.21 billion on Binance

Hyperliquid’s HIP-3 market trading volume’s share of the platform’s total perpetual contracts rises to nearly 50%

On Hyperliquid, the permissionless perpetual market deployment framework HIP-3 has seen its trading volume share of the platform’s total perpetual contracts rise from about 2% at the start of the year to about 50%. The growth aligns with rising retail demand for on-chain stock trading, mainly driven by TradeXYZ. Its operations track the Nasdaq 100 index’s XYZ100 and individual-stock contracts such as Nvidia and Tesla, all settled in stablecoins. Perpetual contracts avoid the time decay of options, and 7×24 trading pairs are more friendly to retail traders. However, the underlying stocks only operate during trading hours, and prices outside trading hours rely on oracles and funding-rate mechanisms to anchor—this model has not yet been fully validated.

One whale accumulated 8,239 ETH in the past 12 hours; another whale accumulated 11.8k ETH in the past 3 hours

The newly created wallet 0xf31d withdrew 8,239 ETH ($14.5 million) from multiple exchanges within the past 12 hours. Whale 0x363A accumulated 11.84k ETH ($20.8 million) within the past 3 hours.

Bitcoin and Ethereum Twitter mentions fall to a 12-month low; retail attention returns to 2020 levels

Twitter mentions for Bitcoin and Ethereum fall to new 12-month lows: about 130k for Bitcoin and about 40k for Ethereum. Retail attention drops back to 2020 levels. Analysts said tweet volume is a proxy for retail attention. Current readings show retail attention has fallen back to 2020 levels, while institutional participation continues to rise. Tokenization has become a hot topic at major conferences and in traditional financial media. Historically, low tweet volume often coincides with periods of price stagnation or decline, but price action and infrastructure development may no longer require public attention at the same scale to drive movements.

FTX/Alameda will transfer about 201k SOL to BitGo custody, worth about $15.14 million

A whale withdrew 30.1k ETH from Coinbase Prime to a new wallet, worth about $52.84 million