Crypto Morning Briefing: China and the US again suspend 24% tariffs for 90 days, Bullish plans to expand IPO size to up to $990 million
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Crypto Morning Briefing: China and the US again suspend 24% tariffs for 90 days, Bullish plans to expand IPO size to up to $990 million
Terraform Labs co-founder Do Kwon may plead guilty in the United States.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
U.S. and China Again Suspend 24% Tariffs for 90 Days
Joint statement from the U.S.-China Stockholm economic and trade talks: (1) The United States will continue to modify the implementation of ad valorem tariffs on Chinese goods (including goods from Hong Kong Special Administrative Region and Macao Special Administrative Region) specified in Executive Order No. 14257 of April 2, 2025, again suspending the 24% tariff for 90 days starting August 12, 2025, while retaining the remaining 10% tariff imposed on these goods under that executive order. (2) China will continue (i) modifying the implementation of ad valorem tariffs on U.S. goods as stipulated in Taxation Commission Announcement No. 4 of 2025, again suspending the 24% tariff for 90 days starting August 12, 2025, while retaining the remaining 10% tariff on these goods; and (ii) taking or maintaining necessary measures to suspend or cancel non-tariff countermeasures against the United States as agreed upon in the Geneva joint statement. (Jin10)
Trump Media & Technology Group: Bitcoin ETF to Launch Later This Year
According to Jin10 News, Trump Media & Technology Group stated that its Bitcoin ETF will launch later this year.
Prior news: Today, Trump Media & Technology Group disclosed filing an amended registration statement for its Bitcoin ETF.
Do Kwon, Co-Founder of Terraform Labs, May Plead Guilty in the U.S.
According to The Block, federal court documents from the Southern District of New York indicate that Do Kwon, co-founder of Terraform Labs, may change his plea and plead guilty on Tuesday morning. Previously, in March 2023, U.S. prosecutors charged Do Kwon with multiple counts related to the collapse of the algorithmic stablecoin Terra USD (UST), including conspiracy to commit fraud, commodities fraud, wire fraud, securities fraud, market manipulation, and money laundering.
Judge Paul Engelmayer stated in a scheduling order, "The Court has been informed that the defendant may change their plea," and required the defendant to prepare a statement regarding the charges to which they would plead guilty. Do Kwon previously pleaded not guilty to all charges in January this year.
Bloomberg: Bullish Plans to Expand IPO Size to Up to $990 Million, Target Valuation Raised to $4.82 Billion
According to Bloomberg, cryptocurrency exchange Bullish has increased the maximum size of its initial public offering (IPO) to $990 million, up from $629 million; the target valuation has been raised to $4.82 billion, up from a previous estimate of $4.2 billion; and the number of shares to be issued has increased from 20.3 million to 30 million.
Uniswap Foundation Proposes Adopting DUNA DAO Framework to Enable Protocol Fee Switch
According to The Block, the Uniswap Foundation has proposed establishing a new legal entity for its governance organization using Wyoming’s Decentralized Unincorporated Nonprofit Association (DUNA) framework. The proposal allocates $16.5 million worth of UNI tokens to the new entity, DUNI, to cover past tax obligations and legal defense budgets.
Brian Nistler, Legal Counsel at the Uniswap Foundation, said adopting the DUNA framework would create conditions for enabling the protocol fee switch. Reports indicate that the new entity does not alter the Uniswap protocol, token, or governance structure, and fee revenues cannot be directly distributed to UNI holders.
Fintech Company Stripe Collaborates withParadigm to Develop Payment Blockchain Tempo
According to Fortune, fintech giant Stripe is collaborating with crypto venture firm Paradigm to develop a blockchain called Tempo, positioned as a high-performance, payment-focused Layer 1 chain compatible with Ethereum’s programming language.
Tempo is currently in stealth development with a team of five. Previously, Stripe acquired stablecoin infrastructure company Bridge for $1.1 billion and purchased crypto wallet developer Privy, further expanding its stablecoin technology footprint.
Arthur Hayes Makes Large Purchases of Ethereum Ecosystem Tokens
According to on-chain analyst Onchain Lens (@OnchainLens), BitMEX co-founder Arthur Hayes made purchases of Ethereum ecosystem tokens over the past 19 hours, including:
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1,500 ETH, valued at approximately $6.34 million
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424,860 LDO, valued at approximately $563,000
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420,000 ETHFI, valued at approximately $511,000
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92,005 PENDLE, valued at approximately $504,000
Ant Group Denies Rumors of Collaboration onRare EarthRMB Stablecoin
According to Cailian Press, in response to online rumors claiming "Ant Group is jointly building the world's first rare earth RMB stablecoin with the People's Bank of China and China Rare Earth Group," Ant Group officially responded that it has never had such plans with the relevant institutions, and reminded the public to verify information carefully and guard against risks.
Fundamental Global Announces Purchase of 47,331 ETH, Aiming to Hold 10% Share of Ethereum Network
According to Globe Newswire, Nasdaq-listed Fundamental Global Inc (ticker: FGNX, FGNXP) announced it has purchased 47,331 ETH at a price of $4,228.40 per ETH. The company stated it has fully deployed the $200 million raised from its previously announced private placement toward ETH purchases.
Maja Vujinovic, CEO of the company’s digital assets division, said the company plans to continue promoting global adoption of ETH as a reserve asset, aiming to hold 10% of the Ethereum network’s stake. The company has established partnerships with cryptocurrency custodian Anchorage Digital and asset management firm Galaxy.
Nasdaq-Listed Fintech Company ALT5 Sigma Announces $1.5 Billion Fundraising to Launch WLFI Treasury Strategy
According to Investing.com, Nasdaq-listed fintech company ALT5 Sigma Corporation announced a total $1.5 billion registered direct offering and concurrent private placement to initiate World Liberty Financial (WLFI)'s treasury strategy.
WLFI will subscribe for 100 million shares via token contribution, with the remaining 100 million shares offered to institutional investors. Upon completion, ALT5 will hold approximately 7.5% of the total WLFI token supply. Additionally, WLFI CEO Zach Witkoff will become Chairman, and Eric Trump will join the board.
Nasdaq-Listed Company Safety Shot Announces Launch of BONK Treasury Strategy
According to Stocktitan, Nasdaq-listed Safety Shot announced a strategic alliance with Bonk’s founding contributors to launch a BONK treasury strategy. The company will receive $25 million worth of BONK tokens in exchange for issuing convertible preferred stock valued at $35 million, which can be converted into common shares.
Market Trends
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