Orange Juice raises $40 million as the GENIUS Act marks its first anniversary

Golden Weekly is a weekly blockchain industry recap column launched by Golden Finance, covering industry updates such as the week’s key news, mining information, project developments, and technological progress.

Top Headlines

▌Orange Juice raises $40 million to acquire cash-flow-positive companies and roll out a Bitcoin treasury strategy

On July 17, Orange Juice, founded by Lyn Alden, raised $40 million to establish a permanent capital company. The company will acquire and permanently hold U.S. businesses while implementing a Bitcoin treasury strategy. According to Lyn Alden, Orange Juice is a company that acquires, improves, and permanently holds cash-flow-positive businesses. It will target cash-flow-generating companies with annual cash flows between $1 million and $10 million across various industries. Orange Juice aims to acquire profitable small and mid-sized businesses at lower valuation multiples, help them optimize operations when necessary to maintain competitiveness, and invest part of retained earnings into Bitcoin as a reserve asset. Orange Juice was founded by partners of the Bitcoin venture capital firm ego death capital, including Jeff Booth, Lyn Alden, Nico Lechuga, and Andi Pitt, with Adrian Steckel and Ruben Zweiban serving as operating partners.

▌KPMG China chairman: AI is accelerating its shift into the core engine of economic growth

On July 19, Zou Jun, chairman of KPMG China, said at the 2026 World Artificial Intelligence Conference that AI has already penetrated all areas of the real economy, and is accelerating its transformation from a tool for improving efficiency into a core engine for economic growth. China’s AI industry layout is active with diversified tracks, and it has supply-chain advantages; the scale of related industries is growing rapidly.
The latest report released by KPMG during the conference notes that China has the world’s most comprehensive range of industrial systems and a massive consumer market of more than 1 billion internet users. With strong industrial demand and consumption upgrades, AI technology can more quickly realize value transfer in the Chinese market from the lab to the production line.
In terms of funding, KPMG’s data shows that embodied intelligence, as a major development direction for large-model applications, has achieved rapid growth since 2025. In 2025, embodied intelligence raised $11.17 billion, up 152.0% year over year; the number of funding rounds was 670, up 81%. In Q1 2026, the funding amount reached $5.03 billion, up 182.9% year over year; the number of rounds was 203, up 55%. (The Paper)

▌UN Secretary-General Guterres: AI should serve everyone; supports China’s initiative

The 17th 2026 World Artificial Intelligence Conference and the AI Global Governance High-level Meeting began in Shanghai. On the 16th, UN Secretary-General Guterres arrived in Shanghai to attend the meeting. In an interview with reporters from the China Media Group (CCTV), he said that AI is closely related to everyone, and that the UN hopes all parties will participate jointly in AI governance to ensure AI serves everyone, including the Global South.
(Wall Street Insights)

▌Chinese Academy of Engineering academician Zheng Weimin: In the era of agents, the ability to produce stable, low-cost Token is extremely scarce

On July 19, Chinese Academy of Engineering academician and professor at Tsinghua University’s Department of Computer Science and Technology Zheng Weimin said at the Agentic Era AI Infrastructure Innovation Development Forum that rapid expansion of computing power scale does not equal the production capacity for efficient Token (tokens). In the era of agents, what is truly scarce is not only chips, but the systems capability to produce stable, low-cost, high-quality Tokens. Tokens are shifting from technical indicators to core production factors of the industry, and inference systems are moving beyond single-machine optimization toward distributed, cached, heterogeneous, and service-based architectures. (Securities Times)

▌“Mazu (MAZU)” delivers version 2.0 to Djibouti

On July 17, the China Meteorological Administration officially submitted the China Meteorological Intelligent Early Warning Plan “Mazu (MAZU)” version 2.0 to Djibouti at a meteorological theme sub-forum during the 2026 World Artificial Intelligence Conference and the AI Global Governance High-level Meeting. It is reported that version 2.0 will be deployed and put into application in Djibouti by the end of this year. The plan can be replicated and promoted to weather high-impact areas in different countries and cities, including urban areas, ports, airports, new energy sites, and tourist attractions. Leveraging the platform of the China Meteorological Administration’s “menu-based supply and customized services,” it provides integrated intelligent solutions for “measure-report-warn” to more developing countries, putting the UN’s Early Warnings for All initiative into practice through concrete action. (Xinhua News Agency)

Policy

▌South Korea’s single-stock leveraged ETF size has exceeded ten trillion won; difficult to take delisting measures

In an interview with KBS today, Jin Yong-beom, head of the policy office of the South Korean presidential office, said that for single-stock leveraged ETFs recently involved in controversies that caused volatility in the stock market, the government will study additional and improved measures. But in reality, it is difficult to implement delisting. The current size of single-stock leveraged ETFs has already exceeded ten trillion won, and investors are participating in trading. If delisting is forced, “it would itself cause a huge shock to the market,” so delisting is not realistic. These products were introduced after extensive discussion; besides meeting investment demand, they also have a policy goal of attracting funds flowing back from overseas markets to the South Korean market, and it is not a policy failure.
Jin Yong-beom said that such products have structural risks and still need further optimization, especially the “deviation rate” management mechanism between the ETF and the underlying asset’s price. Leveraged ETFs maintain their target multiples, and during periods of rapid market fluctuation they may trade heavily, which could strengthen selling pressure in a short time. Regulators, asset management companies, and securities firms need to further discuss how to reduce the impact of products on the market during specific periods, including whether adjustments need to be completed within 30 minutes, whether the adjustment window could be extended, and whether risk management could be handled through other derivative products.

▌“GENIUS Act” marks its one-year anniversary

On July 19, the “GENIUS Act” marked its one-year anniversary. The bill was signed into law by President Trump on July 18, 2025, U.S. time.
Since then, banks, payment giants, and fintech companies have raced to launch products, because regulators are finalizing the rulebook, while USDT and USDC face a new round of competition.

▌Morgan Stanley sets fees for Ethereum and Solana ETFs at 0.14%

On July 18, Cointelegraph reported that Morgan Stanley’s Ethereum and Solana ETFs are one step closer to listing. The latest filed documents show an expense ratio of 0.14%.

▌Chairman of the U.S. House Committee: CLARITY Act expected to pass in the Senate next week

On July 18, U.S. Representative Bryan Steil said on Fox News with optimism that the CLARITY Act is expected to pass in the Senate next week, and emphasized that the U.S. needs to set a regulatory gold standard in the digital asset space.
Bryan Steil currently serves as chairman of the House Committee on Administration, and also chairs the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence within the House Committee on Financial Services.

****************▌CSRC organizes cross-department training on comprehensive fraud prevention and punishment system for financial falsification

On July 17, the CSRC organized cross-department business training in Beijing for its comprehensive fraud-prevention and punishment framework. Over 200 colleagues from relevant departments and the CSRC system participated. Next, the CSRC will continue to strengthen work coordination with all departments, transform training outcomes into practical work effectiveness, and jointly enhance the deterrence of “not daring to fabricate,” tighten the “cannot fabricate” cage, and jointly build the self-discipline of “not wanting to fabricate.” It will resolutely fight the comprehensive fraud prevention campaign as well as the key and long-term battles, and jointly promote high-quality development of the capital market, better serving the building of a strong financial country and the overall situation of Chinese-style modernization. (CSRC)

Blockchain and AI Applications

▌Trasia based on Hyperliquid receives a $1.75 million investment from Multicoin Capital

On July 17, Multicoin Capital, as the only investor, invested $1.75 million into Trasia Labs. Trasia Labs is developing a perpetual contract trading platform on Hyperliquid, targeting Asian traders. This investment is also Multicoin Capital’s first investment within the Hyperliquid ecosystem.
It is reported that Trasia was founded by Mable Jiang, a former partner at Multicoin Capital. As she revealed, Trasia’s target users are people who have never heard of Hyperliquid or Trade.xyz. Trasia has secured more than $35 million worth of “commitments” of HYPE and USDC (to deploy the HIP-3 markets, 500,000 HYPE needs to be staked) to launch Trasia’s HIP-3 Asia stock perpetual contract market.
In addition, Trasia has launched a bilingual (Chinese and English) web trading interface and plans to release a native mobile application in August. Trasia also plans to launch Asia Points, an invite-only trading rewards program aimed at rewarding early users.

▌Crypto.com receives a $400 million investment from Citadel Securities, valuation $20 billion

On July 17, crypto trading platform Crypto.com received a $400 million investment from Citadel Securities, valuing the company at $20 billion. This round is Crypto.com’s first institutional financing since it was founded in 2016.
Crypto.com said it will use the funds to expand into tokenized securities, derivatives, and other asset-class businesses.

▌SemiAnalysis: Kimi K3 could reverse-drive Nvidia and HBM

On July 19, the large model Kimi K3 under Moonshot AI (the company behind “Moonshot AI”) uses a linear attention mechanism, raising market concerns that demand for Nvidia, HBM, and network equipment could be weakened. However, a semiconductor research institute SemiAnalysis has issued a completely different assessment: K3’s massive parameter scale and the inference architecture requirements will not weaken demand for high-end AI hardware; instead, they may further strengthen demand for Nvidia’s high-end GPUs, HBM, and high-speed interconnect devices.
SemiAnalysis said K3 has more than 2.8 trillion parameters and model weights capacity exceeding 1.5TB of HBM. Even in relatively limited user concurrency scenarios, KV caching still needs to be offloaded in large volumes to CPU DDR5 memory and NVMe storage, so there will not be significant spare capacity in HBM. More importantly, Moonshot AI previously disclosed that efficient inference deployment for K3 requires a large-scale expansion-domain architecture composed of at least 64 chips. This hardware demand closely matches the design direction of rack-level AI systems such as Nvidia GB200/GB300 NVL72.
SemiAnalysis believes the market’s prior logic in interpreting linear attention as “weakening GPU demand” is misguided. The real impact could be the opposite: a more efficient model architecture lowers inference costs, which will drive more applications to be deployed and, in turn, stimulate long-term demand for GPUs, HBM, DRAM, and network infrastructure. (Gelonghui)

▌Alibaba launches a personal version of Token Plan; preview version of Qwen3.8-Max goes live simultaneously

According to Alibaba Cloud, the personal version of Alibaba Token Plan has been officially launched, allowing users to get early access to Qwen3.8-Max-Preview.
Qwen3.8-Max has 2.4T parameters; it performs excellently in scenarios such as code engineering and professional office work. It may be the strongest model besides Fable 5. The official version will be released and open-sourced soon.
Token Plan limited-time offers:
Personal version: Lite 39 yuan/month (6.5x discount), Standard 139 yuan/month (7.7x discount), Pro 499 yuan/month (8.3x discount).
Team version: Standard seats 150 yuan/seat/month (7.6x discount), Advanced seats 550 yuan/seat/month (7.9x discount), Premium seats 1,398 yuan/seat/month.
Qwen3.8-Max-Preview limited-time event:
During the day, Credits consumption is 10% off; at night, the personal version’s Token plan gets an additional 20% off based on that.
Apart from Token Plan, Qoder and QoderWork have also launched initial support for Qwen3.8-Max-Preview, and the Qianwen PC client can be tried for free. (Wall Street Insights)

▌DeepSeek V4 “full-power version” leaked; fastest release tomorrow

According to market information, the official version of DeepSeek V4 is expected to be released as early as tomorrow. Currently, some people have already obtained early access permissions for the DeepSeek V4 (GA) grayscale testing.
There are two versions: DeepSeek V4 Flash and DeepSeek V4 Pro. A blogger named AiBattle provided a “folk checklist” for model inspection: look at the first-person phrasing in the CoT (chain-of-thought).
If the model’s thinking process starts with “I’m” or “I’ll,” instead of the old version’s “Let me,” performance is close to Opus 4.8, and coding ability is on par with GPT-5.6Sol, but at a lower price. The API introduces peak-and-valley pricing: peak prices are double, and cache hit rate is extremely low. Performance may not be #1 across the board, but the price-performance “killer” still crushes Opus-level capabilities, compressing them to one-seventh. (New Zhixian)

Cryptocurrencies

▌Michael Saylor again posts Bitcoin Tracker information; next week may reveal data on changes in holdings

Strategy founder and executive chairman Michael Saylor of Bitcoin treasury company Strategy has again posted information related to the Bitcoin Tracker. He wrote: “What’s next?” Based on prior patterns, Strategy typically discloses data on changes in Bitcoin holdings the second day after such related messages are released.

▌North Korean hacker infiltrates MetaMask to participate in code development; no data or funds loss caused

On July 19, MetaMask developer Consensys discovered that a North Korean hacker had entered the MetaMask team under a false identity and worked there for about a month, participating in core wallet code development. The individual used the name “Tyler Knapp,” joining via a contractor as an adviser, with a GitHub account of imyugioh. The code submissions continued from March 9 to April.
Some of the code the hacker contributed involved transfers between crypto assets and fiat currency. After identifying the risk, Consensys immediately cut off the person’s access and instructed employees to pause product releases and avoid contact with them, while reporting the matter to law enforcement authorities.
Consensys’ chief legal counsel Matt Corva said that the investigation confirmed no assets or data were misappropriated and no malicious code was deployed; user funds and security were not affected. The company is currently re-examining the contractor background-check process.
TRM Labs said that the developer’s working environment has become an important entry point for attackers to obtain a crypto company’s keys and withdrawal-approval systems. Previously, an Ethereum-funded project found 100 suspected North Korean IT professionals across 53 crypto projects.

▌ETH’s biggest short, pension-usdt.eth, short 50,000 ETH; currently an unrealized loss of $8.31 million

On July 19, according to Onchain Lens monitoring, the biggest ETH short “pension-usdt.eth” holds a short position of 50,000 ETH valued at about $93.3 million, and is currently down by about $8.31 million unrealized.
This whale has historically accumulated profits of $35.6 million.

▌A certain whale continues to go long BTC; position value reaches $107 million

On July 19, according to Lookonchain monitoring, a certain whale continues to go long BTC. The position has reached 1,660 BTC, valued at $107 million, with a liquidation price of $63,123.

▌Michael Saylor: For Bitcoin to become a global money network, corporate adoption is indispensable

On July 18, Strategy founder Michael Saylor posted that the company’s organizational form allows people to collaborate around a shared mission within the legal framework and operate with greater efficiency, transparency, credibility, scale, resilience, and continuity.
If Bitcoin is to become a global money network, corporate adoption is not only necessary, but also an inevitable and welcome development trend.

Major Economic Developments

▌Fed’s Logan: should raise rates to tackle inflation

On July 17, Fed’s Logan said the Fed should increase interest rates to address the persistently high inflation problem—an assertion that suggests she may be prepared to oppose the decision to keep rates unchanged later this month. Logan said Tuesday’s June inflation data shows prices are rising at a slowing pace, but it is not enough for her to be confident that inflation is back on the Federal Reserve’s 2% target path. “The June CPI data does indeed suggest inflation could be returning to target levels, with a more optimistic outlook,” Logan said. “But this path is still very fragile. At the moment, I believe a moderate increase in interest rates would help better balance outlooks and risks.”

▌Israeli president: Iran’s nuclear capability is the root of this war

Israeli president: Iran’s nuclear capability is the root of this war; any agreement must include clear conditions to prevent Tehran from developing nuclear capability or using the Strait of Hormuz as leverage. (Jinshi)

▌U.S. President Trump: Republicans should include Iran in sanctions bills targeting Russia

On July 19, U.S. President Trump said: Republicans should include Iran in sanctions bills targeting Russia.

▌10x10 Shun: net profit in the first half of the year expected to rise 75%-95% year on year

On July 19, 10x10 Shun (300033.SZ) announced that it expects net profit attributable to shareholders of listed companies for the first half of 2026 to be 878 million yuan to 979 million yuan, up 75%-95% year on year. In the first half of 2026, due to factors such as increased activity in the capital markets, demand for financial information services grew rapidly. During the reporting period, the company continuously promoted deep integration of AI technology with financial information service businesses, accelerated deployment of large-model and AI technologies in scenarios such as financial agents, data terminals, and user services, continuously improved the level of product intelligence and service capabilities, further optimized user experience, and strengthened its core competitiveness.
Based on Q1 net profit of 256 million yuan, the company expects Q2 net profit to be 622 million to 723 million yuan, representing a quarter-over-quarter increase of 143%-182%.

************▌********************FIFA to make a record $15 billion in profit from hosting the 2026 World Cup

On July 19, according to The Daily Telegraph, FIFA’s revenue from the 2026 World Cup to be hosted in the United States, Canada, and Mexico will exceed $15 billion. FIFA’s initial revenue forecast was $11 billion, but due to a significant increase in revenue from ticket sales (including the secondary market), the metric was substantially raised. In the secondary market, FIFA charges fees or commissions to both buyers and sellers.