Crypto Morning Brief: JD Coin Chain registers "JCOIN" and "JOYCOIN", Linea unveils tokenomics
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Crypto Morning Brief: JD Coin Chain registers "JCOIN" and "JOYCOIN", Linea unveils tokenomics
The Hong Kong Monetary Authority announced that the Stablecoin Ordinance will take effect this Friday, with a six-month transition period.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
U.S. SEC Approves In-Kind Subscription and Redemption Mechanism for Cryptocurrency ETPs
According to an official announcement by the U.S. Securities and Exchange Commission (SEC), the SEC has voted to allow authorized participants to conduct in-kind subscriptions and redemptions for cryptocurrency exchange-traded products (ETPs).
SEC Chairman Paul S. Atkins stated that this marks the beginning of a new chapter in SEC regulation, making these products more cost-effective and efficient. The SEC also approved other proposals promoting the development of the crypto asset market, including listing applications for hybrid spot Bitcoin and Ethereum ETPs, options trading for specific spot Bitcoin ETPs, Flexible Exchange (FLEX) options trading, and increasing position limits for specific Bitcoin ETP options to 250,000 contracts.
Hong Kong Monetary Authority: "Stablecoin Ordinance" Takes Effect This Friday, with 6-Month Transition Period
The Hong Kong Monetary Authority (HKMA) announced that the "Stablecoin Ordinance" will take effect this Friday, with a 6-month transition period established. The HKMA stated it will implement a classified approach for existing stablecoin issuers: those meeting regulatory requirements may obtain provisional licenses; those failing to comply within 3 months must wind down operations within 4 months; those not meeting licensing standards must cease operations within 1 month of notification.
Regulatory requirements include full reserve backing, same-day redemption processing, establishing a physical presence in Hong Kong, and maintaining adequate financial resources. The HKMA emphasized that only a limited number of licenses will be issued initially, and issuers must implement compliance measures such as customer due diligence and transaction monitoring. Violators face penalties including fines, license suspension, or revocation.
JPMorgan: Raises Robinhood Target Price to $98, Bullish on Its Digital Asset Business
According to CoinDesk, JPMorgan raised its 2026 target price for Robinhood to $98, doubling its previous estimate. The investment bank expressed optimism about Robinhood’s positioning in crypto assets and tokenized finance, including its $200 million acquisition of Bitstamp exchange and plans to launch tokenized stock trading under the EU's MiCA framework. JPMorgan expects Robinhood’s Q2 earnings per share to be $0.31 and transaction revenue to reach $515 million, but maintains a "neutral" rating on the stock.
Linea Announces Tokenomics: Total Supply Approximately 72 Billion, TGE Circulating Supply at 22%
Per an official announcement, Ethereum Layer 2 network Linea has officially released details of its token economics. The total supply of LINEA tokens is 72,009,990,000 (approximately 72 billion), with 85% allocated to ecosystem development (10% to early contributors, 75% to the ecosystem fund managed by a consortium including ENS Labs and Eigen Labs), and 15% allocated to Consensys treasury.
LINEA will not serve as a gas token; the network will continue using ETH for gas fees. Under the fee mechanism, 20% of gas fees after deducting Layer 1 network costs will be used to burn ETH, while the remaining 80% will be used to burn LINEA. The circulating supply at TGE will be approximately 22% of the total (15.8 billion tokens).
Pump.fun-Related Address Transfers 12,000 SOL (~$2.16M) to PUMP Buyback Address
According to on-chain analyst EmberCN (@EmberCN), a Pump.fun-related address transferred 12,000 SOL (worth approximately $2.16 million) to the PUMP token buyback address about three hours ago.
Data shows Pumpfun transferred 187,770 SOL (worth ~$30.53 million) from its fee wallet on July 16 for buybacks. To date, 129,100 SOL (worth ~$21.5 million) has been used to purchase 3.828 billion PUMP tokens, with an average buyback price of $0.0056. The relatively high average price is mainly due to most purchases occurring on July 16 when PUMP was priced above $0.006.
Previously, pump.fun increased token buybacks, committing to use 100% of daily revenue for buybacks.
Ming Pao: JD Blockchain Has Registered “JCOIN” and “JOYCOIN”
According to Hong Kong media Ming Pao, JD Blockchain has registered “JCOIN” and “JOYCOIN,” which are speculated to be names for related stablecoins. The report cites registration documents indicating that services involving “JCOIN” and “JOYCOIN” include blockchain-based electronic funds transfer and cryptocurrency financial transactions.
It is reported that JD Blockchain entered the HKMA’s stablecoin sandbox program last year and, as of early June, has reportedly been testing a Hong Kong dollar stablecoin within the sandbox while piloting other fiat-backed stablecoins.
Circular Coin Technology: Plans to Issue HKD-Backed Stablecoin HKDR on Ethereum
According to Hong Kong media InfoPost, the Hong Kong stablecoin ordinance will take effect this Friday (August 1). Circular Coin Technology is one of the participants in the HKMA’s stablecoin issuer sandbox. In a recent interview, CEO Liu Yu stated the company intends to issue the Hong Kong dollar-backed stablecoin HKDR on the Ethereum public chain. The planned stablecoin will primarily serve three use cases: digital asset trading, cross-border trade, and asset tokenization, with expectations that enterprise and individual adoption will become commonplace within 3–5 years.
Strategy Announces Completion of $2.521 Billion STRC Preferred Stock Offering and Acquires Additional 21,021 Bitcoins
According to an official announcement, Strategy (MSTR) has completed its initial public offering of STRC (Variable Rate Series A Perpetual Preferred Stock), raising approximately $2.521 billion, with net proceeds of about $2.474 billion after underwriting fees and related expenses.
In addition, Strategy announced early today that it has acquired an additional 21,021 bitcoins at an average purchase price of approximately $117,256, bringing its total holdings to 628,791 bitcoins.
BitMine Immersion Announces $1 Billion Share Buyback Program
According to PRNewswire, BitMine Immersion Technologies (NYSE AMERICAN: BMNR) announced today that its board has approved a share repurchase program authorizing the repurchase of up to $1 billion worth of the company’s common stock. The program is open-ended, allowing the company to repurchase shares in the market and through negotiated transactions.
As of July 28, 2025, BitMine holds 625,000 ether (ETH), valued at approximately $2.35 billion, along with 192 bitcoins (BTC), valued at about $22.68 million. The company currently holds over $401.4 million in unencumbered cash.
Bit Digital Subsidiary Whitefiber Plans IPO to Raise $132.8 Million
According to Bloomberg, Whitefiber, an AI infrastructure subsidiary of cryptocurrency asset management firm Bit Digital, has filed a prospectus with the U.S. Securities and Exchange Commission. Documents show the company plans to issue 7.8 million shares of common stock at a price range of $15 to $17 per share, aiming to raise up to $132.8 million.
U.S.-Listed BTCS Seeks $2 Billion in Funding to Expand ETH Holdings
According to Cointelegraph, Nasdaq-listed BTCS Inc. plans to raise up to $2 billion through at-the-market (ATM) offerings, convertible bonds, and warrants. Proceeds will be used to expand its ETH reserves, support working capital, and for general corporate purposes.
Market Update
Suggested Reading
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Blockchain Hong Kong: Where Are the Opportunities?
This article thoroughly explores Hong Kong’s latest developments in the digital asset space, particularly the integration of stablecoins with real-world assets (RWA). Through Policy Address 2.0, Hong Kong has clarified its goal of becoming a global hub for digital asset innovation, showcasing leadership in blockchain technology, tokenization of renewable energy assets, and cross-border financial ecosystem development. The article also highlights Hong Kong’s appeal to entrepreneurs and its role as a bridgehead for Chinese assets to go “on-chain—fundraise—trade—cross borders.”
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A1 Research: With Nearly 70% Market Share, What Did Ethena Get Right?
This article provides a detailed analysis of Ethena’s growth trajectory and market performance in the DeFi sector, highlighting its unique advantages and sustainability as an infrastructure protocol. Through innovative stablecoin models and risk management strategies, Ethena has emerged as a market leader and driven rapid growth across related sectors.
This Week’s Airdrop Opportunities: Yala, Treeverse, $S, Caldera, and More
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