Crypto Morning Brief: U.S. June ADP Payrolls Miss Expectations, OpenAI Denies Authorizing Robinhood's Tokenized Stocks
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Crypto Morning Brief: U.S. June ADP Payrolls Miss Expectations, OpenAI Denies Authorizing Robinhood's Tokenized Stocks
Yingxi Group, a Chinese company listed in the U.S., has signed a term sheet for $1.3 billion to acquire 12,000 bitcoins.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
U.S. June ADP Nonfarm Employment Change: -33,000, expected +95,000, prior +37,000
According to Jin10 News, the U.S. June ADP nonfarm employment change was -33,000, compared to an expected increase of 95,000 and a previous reading of +37,000. This marks the largest decline since March 2023.
People's Bank of China: Cash gold purchases over 100,000 yuan must be reported starting August 1
According to CCTV.com, the People's Bank of China recently issued the "Notice of the People's Bank of China on Printing and Distributing the Measures for Anti-Money Laundering and Counter-Terrorist Financing by Precious Metals and Gemstone Industry Institutions (Yinfa [2025] No. 124)" (hereinafter referred to as the "Measures").
The Measures state that industry institutions conducting cash transactions of RMB 100,000 or more (inclusive) or equivalent foreign currency must fulfill anti-money laundering obligations. For any single transaction or daily cumulative amount reaching RMB 100,000 or more (inclusive) in cash, institutions must exercise due diligence, follow the "Know Your Customer" principle, and conduct customer due diligence based on customer characteristics, nature of transactions, and money laundering risk profiles.
For such large cash transactions, institutions must submit a large transaction report to the China Anti-Money Laundering Monitoring and Analysis Center within five working days after the transaction occurs. The Measures will take effect on August 1, 2025.
Trump Media Submits Application to SEC for BTC-ETH Hybrid Spot ETF
According to Globenewswire, Trump Media Technologies Corp. has announced it has filed an initial S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for the Truth Social Bitcoin and Ethereum ETF. This ETF would directly hold Bitcoin and Ethereum, allocating 75% of its assets to Bitcoin and 25% to Ethereum, issuing shares designed to reflect the price performance of both cryptocurrencies.
OpenAI Denies Authorization for Robinhood's Tokenized Stock Offerings
OpenAI officially released a statement through its newsroom, clearly stating that so-called "OpenAI tokens" are not company equity, and that OpenAI has not established any partnership with Robinhood nor participated in or endorsed related projects. OpenAI emphasized that any transfer of company equity must receive official approval, which has not been granted for any such transactions at this time, and urged the public to remain vigilant.
Earlier, Robinhood EU announced the launch of the world’s first tokenized stock products for private companies, claiming inclusion of well-known firms like OpenAI and SpaceX. Robinhood CEO Vlad Tenev stated that although these tokens do not technically constitute actual equity, they offer retail investors exposure to private assets, calling it an initial experiment by the company.
Ripple Applies for U.S. National Bank Charter
According to The Wall Street Journal, cryptocurrency firm Ripple has submitted an application for a national bank charter to the Office of the Comptroller of the Currency (OCC), becoming one of the crypto firms seeking entry into mainstream finance. The company primarily manages cross-border payments and issues RLUSD, a dollar-backed stablecoin.
If approved, the OCC would become the regulator for Ripple’s stablecoin operations. Stablecoins are typically pegged to government-issued currencies like the U.S. dollar and maintain a 1:1 redemption ratio through reserves of cash or safe assets such as Treasury securities.
Fortune: Coinbase Acquires Token Management Platform Liquifi
According to Fortune, Coinbase has acquired the token management platform Liquifi.
Koi Security: Over 40 Fake Cryptocurrency Wallet Extensions Found in Firefox Add-on Store
According to BleepingComputer, more than 40 malicious browser extensions impersonating popular cryptocurrency wallets—including counterfeit versions of Coinbase, MetaMask, Trust Wallet, Phantom, Exodus, OKX, Keplr, and MyMonero—have been discovered in the official Firefox add-ons store.
Research from security firm Koi Security revealed that these malicious extensions monitor user inputs to steal wallet recovery phrases and private keys, transmitting the data to servers controlled by attackers. Many of the extensions are clones of legitimate open-source wallets but include added malicious code. Attackers build trust using authentic brand logos and numerous fake five-star reviews.
MinionLab Announces Integration with Solana Ecosystem and Plans Airdrop of "Soulbound NFTs" to Users Who Bind Solana Wallets
MinionLab has officially announced its integration into the high-performance Solana blockchain ecosystem. Community members can now bind their Solana wallet addresses via official channels in preparation for future ecosystem integration.
To reward its community, MinionLab plans to airdrop unique "Soulbound NFTs" to all eligible users who have bound their Solana wallet addresses. So far, over 50,000 community members have completed wallet binding.
MinionLab is a decentralized infrastructure built for AI agents, transforming idle computing resources from users worldwide into AI agents called "Minions" capable of gathering real-time data and executing tasks, allowing device owners to earn $MINION tokens in return for contributing to the network.
DeFi Development Corp. Expands Convertible Note Offering to $112 Million for Solana Investments
According to Decrypt, DeFi Development Corp. (DFDV) announced it has increased its convertible note offering from $100 million to $112 million, granting initial purchasers a seven-day option to subscribe to an additional $25 million. The company plans to use approximately $75 million for prepaid forward stock purchase agreements, with the remainder allocated to general corporate purposes and增持 of Solana tokens.
Parker White, COO of DFDV, said: "Convertible notes allow us to raise capital from investors with lower risk tolerance who are willing to trade some upside potential for downside protection." Since early April, the company has executed its Solana reserve strategy, accumulating around 621,000 SOL (worth about $95 million), and acquired a Solana validator company.
Chinese Company Yingxi Group Listed on U.S. Markets Signs Term Sheet to Acquire Up to 12,000 Bitcoins Worth ~$1.3 Billion
According to PRNewswire, Yingxi Group, a Chinese company listed on U.S. markets, announced it has signed a term sheet with independent holders to acquire up to 12,000 bitcoins. Based on current market prices, the proposed acquisition has a total market value of approximately $1.3 billion. If completed, the transaction will be settled through the issuance of newly issued common shares of the company.
Yingxi Group is a comprehensive service provider specializing in garment manufacturing, logistics services, property management, and subleasing.
Hong Kong-Listed Jingke Financial International Invests $12 Million to Subscribe Shares of Amber International, Entering Institutional Crypto Services Sector
According to Zhitong Caijing, Jingke Financial International (01468.HK) announced that on June 30, 2025 (after trading hours), the company entered into a subscription agreement with issuer Amber International Holding Limited, under which the issuer agreed to issue and the company agreed to subscribe for subscription shares at a cost of approximately $12 million. The subscription price is $2.09 per share.
The subscription shares consist of 5,741,600 Class A ordinary shares with a par value of $0.001 each issued by the issuer.
The announcement stated that the subscription constitutes a strategic financial investment aligned with the group's recent initiatives, including the prior establishment of an investment committee to oversee digital asset opportunities. The investment is expected to diversify the company’s portfolio and enter the institutional cryptocurrency services sector, consistent with its earlier voluntary announcements regarding exploration of digital assets.
Market Data
Suggested Reading
From Ethereum Foundation to Community Foundation: Is the Community the Goal or Just a Tool?
This article discusses the launch of the Ethereum Community Foundation (ECF) during EthCC in Cannes, France, aiming to push ETH's price to $10,000 through transparent operations and community empowerment, contrasting with the Ethereum Foundation (EF). ECF plans to fund high-volume projects, partner with banks to promote Ethereum adoption, enhance network security, and ensure transparent funding allocation via community voting. However, questions have arisen about founder Zak Cole’s credibility due to his past history.
This article provides an in-depth discussion on the current state and future development of stablecoins, featuring insights from an interview with Cobo Senior Vice President Alex. It analyzes the potential and challenges of stablecoins in areas such as cross-border payments, regulatory compliance, technical support, and distribution capabilities, while exploring their role as a future “internet monetary layer” and their profound impact on the financial system.
Analysis of the Current State and Prospects of Tokenized U.S. Stock Market
This article offers a detailed analysis of the current landscape and future outlook of the tokenized U.S. stock market, examining business models and compliance frameworks of key participants, while highlighting existing market challenges and potential investment opportunities.
This article explores a highly publicized Bitcoin robbery case, revealing how China's judicial practice recognizes the property rights of virtual currencies and affirms legal protections. It details the case background, legal classification, sentencing principles, and discusses judicial challenges and future directions concerning cryptocurrency-related crimes.
This article thoroughly examines Robinhood’s transformation from a "retail trading app" to a "financial infrastructure disruptor." It focuses on the evolution of its business model, core strategic logic, and its potential influence on the broader financial industry, particularly its moves in real-world asset (RWA) tokenization and blockchain technology.
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