Written by: Bright, Foresight News
On the morning of July 15, after BTC reached a new high of $123,300, the cryptocurrency secondary market experienced a healthy pullback. Many Altcoins rebounded significantly, with ETH briefly returning to $3,000 and Sui touching $4, showing strong momentum. Before the time of writing, Bitcoin had pulled back to $117,436 after reaching a high.
According to Coinglass liquidation data, in the past 24 hours, over 137,700 people were liquidated, with a total liquidation amount of $775 million, including $551 million in short liquidations and $224 million in long liquidations, primarily short positions. The largest single liquidation on CEX was BTC-USDT on Binance, valued at $98.1006 million.
Under the influence of BTC's new high sentiment, even with only a slight increase in overall US stock indices, US crypto-related stocks experienced a surge. Coinbase reached $398.50 intraday, with a total market cap exceeding $10 billion, hitting a historical high. MicroStrategy rose over 3.78%, closing at $451.02, firmly above $450. Circle halted its decline, closing up 9.27% at $204.70.
However, the most aggressive expansion was not from these established crypto companies. Newly formed or transformed crypto strategic reserve companies are gearing up, forming a solid buying force after Bitcoin's new high. The crypto asset management company Grayscale, which once led the BTC ETF, has secretly submitted an IPO application to the US SEC. Different market participants in the cryptocurrency market have accelerated their pace with BTC's new high.
Hodling Companies: Buying on Behalf of Everyone
Data shows that in the week from July 7 to July 14, excluding mining companies, the total net inflow of BTC allocation by global listed companies was $628 million. Apart from Strategy and Metaplanet, 5 new emerging BTC strategic reserve companies made new purchases last week: UK digital advertising company The Smarter Web bought $29.1 million, with a total holding of 1,275 coins; Japanese listed company Remixpoint purchased $13.89 million, with a total holding of 1,168.28 coins; US tech company KULR invested $10 million, with a total holding of 1,021 coins; Japanese clothing company ANAP bought $5.21 million, with a total holding of 229.23 coins; French Web3 service company Blockchain Group purchased $3.23 million, with a total holding of 1,933 coins.
On July 14 alone, NYSE-listed IoT chip company Sequans Communications announced another purchase of 683 BTC, now holding 1,053 BTC. AI company Genius Group bought 32 BTC, now holding 180 BTC.
Besides BTC, US-listed company BTCS Inc (BTCS) increased its ETH holdings by 14,522, with its total crypto and cash market value reaching $96.3 million, including 29,122 ETH. BitMine Immersion (BMNR) announced holding approximately 163,000 ETH, with a total market value exceeding $500 million, far surpassing its previous $250 million private placement.
Fundraising, Mergers, and Acquisitions Widely Deployed
Beyond actual BTC purchases, fundraising continues.
Canadian listed company Matador Technologies first announced plans to raise 900 million Canadian dollars to continue buying Bitcoin. Nasdaq-listed BTC Digital completed its initial $1 million ETH strategic reserve and another $1 million BTC strategic reserve, planning to expand its total crypto strategic reserve to over $10 million by the end of 2025.
Nasdaq-listed Sonnet BioTherapeutics reached a business merger agreement with Rorschach I LLC worth approximately $888 million. After the merger, the new entity will be named Hyperliquid Strategies Inc, expected to hold about 12.6 million HYPE tokens valued at $583 million.
Additionally, US-listed Everything Blockchain Inc. announced the establishment of MemeStrategy Inc., initially holding tokens like PEPE, BONK, and SPX6900, potentially following Strategy's approach to strategic meme coin reserves.
RWA protocol Ondo Finance announced the acquisition of crypto technology consultant Strangelove to accelerate full-stack RWA platform development.
Grayscale to IPO?
Last night, crypto asset management company Grayscale announced submission of an IPO registration statement to the US Securities and Exchange Commission (SEC), without disclosing details on the number of shares to be sold or expected price range. Grayscale stated that its IPO registration is expected to proceed after SEC review, but provided no specific timeline.
Previously, the SEC during the Biden administration rejected Grayscale's application to convert its flagship Bitcoin trust into an ETF, but this decision was overturned by a federal appeals court in 2023. The Grayscale ETF was approved in early 2024 and now has assets of $21.7 billion, becoming one of the world's largest Bitcoin ETFs.
Grayscale's IPO timing is intriguing. This week, the US Congress will host "Crypto Week," planning to review three key crypto legislative bills including the CLARITY Act and GENIUS Act. House Financial Services Committee Chairman French Hill stated that these "milestone legislations" will establish a clear regulatory framework for digital assets. The US is even gradually opening doors for citizens to purchase crypto tokens in retirement accounts.
It's evident that with liquidity recovery and gradually relaxing US regulatory policies, the number of crypto participants will inevitably increase, and the intersection of crypto finance and traditional finance will become closer. Bitfinex stated that new buyers entering the Bitcoin market are seen as "price-insensitive" investors, accumulating Bitcoin faster than miners' supply, demonstrating BTC's importance in the global financial system.
