Original author: Bright, Foresight News
On the morning of July 15, the secondary market of cryptocurrencies ushered in a healthy correction after BTC hit a new high of $123,300. Many altcoins rebounded sharply, ETH once regained $3,000, and Sui briefly touched $4, with a strong upward momentum. As of press time, Bitcoins high callback was temporarily reported at $117,436.
In terms of liquidation data, according to Coinglass, in the last 24 hours, more than 137,700 people were liquidated, with a total liquidation of US$775 million, US$551 million in short orders and US$224 million in long orders, mainly short orders. The largest single liquidation on CEX was BTC-USDT, which occurred on Binance and was worth US$98.1006 million.
Under the influence of the new high sentiment of BTC, even though the overall US stock index rose only slightly, US cryptocurrency-related stocks set off a boom. Coinbase stood at $398.5 during the session, and the total market value stood at $100 billion, a record high. MicroStrategy rose by more than 3.78%, closing at $451.02, standing firm at the $450 mark. Circle stopped the decline and closed up 9.27% at $204.7.
But the most frantic expansion is not the old crypto companies mentioned above. Newly established or transformed cryptocurrency strategic reserve companies are gearing up to form a firm buying force in the market after Bitcoin hits a new high. Grayscale, a crypto asset management company that once dominated the BTC ETF, secretly submitted an IPO application to the US SEC. Different entities in the cryptocurrency market have increased their acceleration with the new high of BTC.
Coin Hoarding Company: I will buy it for everyone
Data shows that from July 7 to July 14, excluding mining companies, the total net inflow of BTC allocation by global listed companies in a single week was US$628 million. Excluding Strategy and Metaplanet, there were 5 other emerging BTC strategic reserve companies that made new purchases last week. The Smarter Web, a British digital advertising company, purchased US$29.1 million, with a total holding of 1,275 coins; Remixpoint, a Japanese listed company, purchased US$13.89 million, with a total holding of 1,168.28 coins; KULR, a US technology company, invested US$10 million, with a total holding of 1,021 coins; ANAP, a Japanese clothing company, purchased US$5.21 million, with a total holding of 229.23 coins; and Blockchain Group, a French Web3 service company, purchased US$3.23 million, with a total holding of 1,933 coins.
On July 14, Sequans Communications, an IoT chip company listed on the New York Stock Exchange, announced that it had purchased another 683 bitcoins, holding a total of 1,053 bitcoins. Artificial intelligence company Genius Group purchased 32 BTC, holding a total of 180 BTC.
In addition to BTC, BTCS Inc (BTCS), a US-listed company, increased its holdings by 14,522 ETH, and the companys cryptocurrency and cash market value totaled $96.3 million, including 29,122 ETH. BitMine Immersion (BMNR) announced that it currently holds about 163,000 ETH, with a total market value of more than $500 million, far exceeding the previous $250 million in private financing.
Fundraising, mergers and acquisitions
In addition to the actual purchase of BTC, fundraising cannot stop.
Matador Technologies, a Canadian listed company, first announced that it plans to raise 900 million Canadian dollars to continue purchasing Bitcoin. BTC Digital, a Nasdaq-listed company, announced that on the basis of completing the initial 1 million US dollars ETH strategic reserve, it has completed another 1 million US dollars BTC strategic reserve, and plans to expand the total cryptocurrency strategic reserve to more than 10 million US dollars by the end of 2025.
Nasdaq-listed Sonnet BioTherapeutics has reached a business merger agreement with Rorschach I LLC worth approximately $888 million. Upon completion of the business merger, the newly formed entity will be named Hyperliquid Strategies Inc and is expected to hold approximately 12.6 million HYPE tokens, valued at $583 million.
In addition, the U.S. listed company Everything Blockchain Inc. announced the establishment of MemeStrategy Inc., which will hold tokens such as PEPE, BONK and SPX 6900 in the initial stage of its establishment. It may follow Strategys example and conduct strategic reserves of Meme coins in the future.
And RWA protocol Ondo Finance announced the acquisition of crypto technology consulting firm Strangelove to accelerate the development of the full-stack RWA platform.
Grayscale is also going to IPO?
Last night, crypto asset management company Grayscale announced that it had filed an IPO registration statement with the U.S. Securities and Exchange Commission (SEC), but did not disclose details such as the number of shares to be sold or the expected price range. Grayscale said it expects its IPO registration to take place after the SEC completes its review process, but did not provide a specific timeline.
Previously, the U.S. SEC rejected Grayscales application to convert its flagship Bitcoin Trust into an exchange-traded fund (ETF) during the Biden administration, but the decision was overturned by a federal appeals court in 2023. The Grayscale ETF was approved in early 2024, and its assets have now grown to $21.7 billion, making it one of the worlds largest Bitcoin ETFs.
The timing of Grayscales IPO is very ambiguous. This week, the U.S. Congress will usher in Crypto Week and plans to review three key cryptocurrency legislations, including the CLARITY Act and the GENIUS Act. French Hill, chairman of the House Financial Services Committee, said that these milestone legislations will establish a clear regulatory framework for digital assets. The United States has even gradually opened the door to citizens to purchase crypto tokens in their retirement accounts.
It can be seen that with the recovery of liquidity and the gradual relaxation of US regulatory policies, the number of players entering the crypto market will inevitably rise, and the interweaving of crypto finance and traditional finance will inevitably become closer. Bitfinex said that new buyers entering the Bitcoin market are regarded as price-insensitive investors, and their hoarding of Bitcoin has exceeded the supply speed of miners. BTC is demonstrating its importance in the worlds financial system.
