金色财经_

In 2020, Strategy became the largest publicly listed Bitcoin holder by converting debt and equity into Bitcoin. Despite a decline in operating gross profit, the company attracted imitation from over a hundred companies and secured funding through the special purpose acquisition company (SPAC) model, utilizing Bitcoin's appreciation potential for financing. SPAC provides founders with greater flexibility and control, helping them easily attract market follow and funding.

Author: Superchain Eco Source: mirror Translation: Shan Ouba, Golden Finance
Foreword
Blockchain technology enables trust and transparency without a central authority, laying the foundation for a new on-chain digital economy. On-chain organizations, especially decentralized autonomous organizations (DAOs), utilize this infrastructure to manage resources and achieve their goals in a peer-to-peer environment.
In the past five years, the scale, capabilities, and complexity of DAOs have grown significantly. Over 3.3 million addresses have actively participated in DAO voting and governance, and the total assets managed by DAO treasuries are close to $35 billion (source: DeepDAO).
Despite the enormous potential of DAOs, this new form of collaborative model still faces many challenges in governance and operation. To reduce complexity, DAOs often start from simple centralized organizations.

As we all know, after Trump took office, he has been pressuring Fed Chairman Powell to cut interest rates, even explicitly demanding a 3 percentage point reduction to lower the federal government debt costs. However, Powell has treated Trump as if he were nothing, refusing to cut rates no matter what. Despite Trump’s various threats, including the threat of firing him (Powell’s term lasts until May 2026), he has remained steadfast. Recently, Trump again seized on the issue of the Fed's renovations, claiming there are problems with 2.7 billion dollars in funding and calling for an investigation into Powell, who still stands firm. His integrity is truly commendable.
On the evening of July 16, there were reports that Trump had drafted a document to dismiss Powell. However, Trump denied this shortly after. This back-and-forth led to significant fluctuations in the financial markets.
Figure 1 Dollar Index (July 16, 2025)
So, if one day Trump really fires Powell and replaces him with a sycophant as the Fed chairman, how will financial asset prices move? My judgment is:
One

The "GENIUS Act" aims to regulate the $260 billion stablecoin market, considering the establishment of clearing institutions to manage risks. Major financial institutions are exploring the issuance of stablecoins, leveraging clearing advantages to combine clearing models with Crypto Assets, in order to ensure financial stability and drop systemic risks.

Author: Zhang Feng
The wave of Real World Assets (RWA) is sweeping through the financial sector. According to BlackRock's prediction, by 2030, the market size of tokenized assets will reach as high as $16 trillion. However, the gap between the physical world and the digital world still exists, with issues such as asset information distortion, unreliable data sources, and blind spots in process monitoring haunting the development of RWA like a ghost, eroding market confidence.
How to achieve a solid and trustworthy representation of off-chain assets on-chain, or how to provide reliable support for on-chain assets from off-chain? AI technology, with its powerful data analysis, pattern recognition, and automated decision-making capabilities, is becoming the core engine for building a trust foundation for RWA assets and establishing a solid bridge between on-chain and off-chain data.
In AI-enabled RWA, metadata anchoring, oracle enhancement, and anomaly monitoring are the three guardians of trust. Metadata anchoring is the "foundation", ensuring that the starting point expressed on the RWA chain is authentic; pre

During the online communication over the weekend, a reader raised the question:
Bitcoin is now continuously reaching new highs. Is it time to start considering the price situation in order to exit?
I'm cautious about that.
This does not mean that I will not sell or hold permanently, but for high-quality assets like Bitcoin and Ethereum, I will increasingly seriously evaluate whether their prices are excessively high when selling at a high. If they are not excessively high, but just relatively high, I tend to continue holding without selling.
So in the future, it is likely that I will only consider selling them in three situations:
First, I need to use money;
Second, their fundamentals have changed;
Thirdly, I think their prices are ridiculously high.
I won't elaborate on the first two situations here.
There is a strong subjective component to what kind of price is considered "ridiculously high". Judging from the current development of the crypto ecosystem, if the price of Bitcoin is 15 this year

1. From gambling operators to "ETH version of MicroStrategy" - Understanding SharpLink's Ethereum treasury journey.
On May 27, 2025, sports betting operator SharpLink Gaming, Inc. (Nasdaq: SBET) announced the signing of a securities purchase agreement for a $425 million public company private investment (PIPE), planning to issue approximately 69.1 million shares of common stock (or equivalent securities) at a price of $6.15 per share (with company management team members at $6.72 per share). Consensys Software Inc. led the investment as the main investor, with participants including ParaFi Capital, Electric Capital, Pantera Capital, and Galaxy.