MicroStrategy’s Bitcoin holdings currently have an unrealized loss of $8.8 billion.

According to Kyodo News, Japanese Prime Minister Sanae Takaichi will consider a cabinet reshuffle.

According to official announcements, Ripple has launched Ripple Mint, a unified platform for institutional users to access, mint, redeem, and manage RLUSD. The platform offers both user interface (UI) and application programming interface (API) access, enabling institutions to automate stablecoin operations, integrate RLUSD into their existing systems, and manage cross-chain digital U.S. dollar liquidity. The service is now open to existing RLUSD users.

South Korea's Presidential Office Policy Chief Kim Yong-beom announced that during President Lee Jae-myung's Silicon Valley visit, Samsung Electronics and SK Hynix will sign major deals involving "huge" funds with leading U.S. tech companies. The agreements may include new long-term memory chip supply pacts, strategic cooperative investment partnerships, and memoranda of understanding. Kim did not specify the exact amount. He added that President Lee Jae-myung's visit acted as a "catalyst" to help conclude long-running negotiations between South Korean and U.S. enterprises. Lee departed for the U.S. on Friday, and he will attend an artificial intelligence summit, holding separate meetings with NVIDIA CEO Jensen Huang, OpenAI founder Sam Altman, Anthropic co-founder Dario Amodei, and Broadcom CEO Hock Tan.

UBS Securities' China internet industry analyst Xiong Wei noted that Chinese cloud service providers have a more steady investment rhythm, focusing on ROI and sustainability, and does not see a "bubble" in China's AI sector. Meanwhile, as model capabilities continue to advance, inference demand keeps rising, investment in China's AI industry will gradually expand. (Securities Times)

Against the dual backdrop of macroeconomic factors and geopolitical conflicts, U.S. Treasury yields have risen sharply recently. The 10-year U.S. Treasury yield climbed to around 4.69%, hitting its highest level since January 2025 and a rare peak during Trump’s second term. Previously, amid trade disputes or geopolitical events, Trump often "hit the brakes" when yields surged, easing policies via measures like extensions and exemptions to calm markets. The market has coined this pattern "TACO" (short for "Trump Always Chickens Out"). However, whether Trump will repeat the TACO pattern this time remains to be seen. On one front, the U.S. Trade Representative (USTR) announced on July 23 local time that it would impose tariffs of 10% to 12.5% on 60 economies. On the other front, the current rise in yields is primarily driven by geopolitical conflicts. Even if Trump is willing to make concessions, the hardline Iranian side is unlikely to accept them. In addition, with midterm elections approaching, Trump needs to maintain a strongman image in diplomacy to project a "victor" persona to domestic voters. As such, he has lost the initiative on the Iran issue, and the room for TACO-style policy adjustments is constrained by domestic electoral politics. All told, against this backdrop of domestic and international challenges, how Trump will adjust his policies remains a key development to monitor moving forward.

According to Caixin, the highly watched insider trading case involving US stock options of Futu Holdings and Tiger Brokers has previously seen two defendants emerge: an individual and an investment institution. Now, a third defendant has come forward to seek unfreezing of his assets. In a declaration submitted to a US court on July 23, the third defendant is Yang Jingyao, a Hong Kong resident since 2020. Yang stated, “My personal assets far exceed my personal debts” and “I have no outstanding debts to repay.” According to public filings of the Hong Kong Stock Exchange (HKEX), the largest single shareholder of Hong Kong-listed firm Rongzun International and the previous mandatory tender offeror also bears the name “Yang Jingyao.” HKEX documents show this Yang Jingyao is 32 years old, with his mother being a wealthy individual from the Chinese mainland. Described as a businessman and private investor, he has long invested in listed securities, IT companies, startups and other financial assets via brokers and wholly-owned private investment companies established in Hong Kong and the British Virgin Islands. However, there is currently no public evidence linking the securities accounts or funds covered by the US court’s restraining order to the failure of Rongzun International’s tender offer. On July 2, the US Securities and Exchange Commission (SEC) is investigating insider trading allegations filed by Hina Group. In a lawsuit submitted to the Manhattan Federal Court on June 29, Hina Group claimed that before Chinese regulators cracked down on cross-border brokerages including Futu and Tiger Brokers on May 22, unknown insiders had purchased US put options of Chinese brokerages in advance, reaping at least $100 million in profits at a cost of around $12 million.