Crypto Morning Brief: SK Hynix Raises $26.5 Billion in Nasdaq IPO, Latest Draft of US Crypto Regulatory Bill "Clarity Act" May Be Released Next Week
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Crypto Morning Brief: SK Hynix Raises $26.5 Billion in Nasdaq IPO, Latest Draft of US Crypto Regulatory Bill "Clarity Act" May Be Released Next Week
Manus Plans Equity Transaction at $2 Billion Valuation, Tencent May Become Largest Shareholder
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday Market Updates
Circle Receives Final Approval from U.S. OCC to Establish National Trust Bank, Advancing USDC Custody Infrastructure into Federal Regulation
According to official news, Circle announced it has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish the national trust bank Circle National Trust. The institution will first provide digital asset custody services for Circle and its affiliates, and may open to some institutional clients in the future based on demand. This approval means USDC custody infrastructure will be further incorporated into the U.S. federal regulatory framework, and is expected to support USDC reserve management subsequently, enhancing its security, transparency, and compliance.
Latest Draft of U.S. Crypto Regulation Bill "Clarity Act" May Be Released Next Week
According to CoinDesk, insiders revealed that the latest consolidated draft of the U.S. "Digital Asset Market Clarity Act" (Clarity Act) may be published as early as next week, with the Senate expected to advance deliberations during the week of July 20. The consolidated draft was negotiated jointly by the Senate Banking Committee and the Agriculture Committee, adding over 70 pages of content and strengthening consumer protection provisions. However, the bill still faces multiple obstacles: Democrats insist on limiting business associations between senior government officials (including the President) and the crypto industry, and no compromise has been reached on this ethics provision among parties; additionally, issues such as federal preemption and SEC and CFTC commissioner nominations remain unresolved, and the White House has not participated in the latest negotiations. For the bill to pass in the Senate, it must reach the 60-vote threshold, and the time window is extremely limited—there are only about four weeks of agenda left for the Senate in July and early August, and ongoing infighting among House Republicans further increases legislative uncertainty.
SK Hynix Raises $26.5 Billion in NASDAQ IPO, Breaking Record for Foreign Companies Listing in U.S.
According to Bloomberg, SK Hynix raised $26.5 billion through the issuance of American Depositary Receipts (ADR), becoming the largest initial stock offering by a foreign company in the U.S. ever. The company sold 177.9 million ADRs at a price of $149 per share, with each ADR equivalent to one-tenth of a common share traded in Seoul. According to Bloomberg data, this issuance scale exceeds Alibaba Group's U.S. listing, becoming the third-largest IPO in history and the largest initial public offering by a foreign enterprise in the United States.
This issuance was oversubscribed by more than 7 times, with total demand approaching $200 billion, and nearly half of the ADRs were subscribed by the top ten order accounts. Institutions such as Baillie Gifford and Coatue Management expressed subscription intentions for up to $7 billion worth of ADRs. The issuance pricing carried a premium of about 3% compared to the closing price of Korean common shares, and management participated in the allocation throughout. These American Depositary Receipts will begin trading in the form of pre-issuance trading on the NASDAQ Global Select Market on Friday under the code SKHYV, and will change to SKHY when regular trading begins on July 13.
OpenAI Officially Launches GPT-5.6 Series Models
Following a previous limited preview, OpenAI has officially launched the GPT-5.6 series models, open for public use. The GPT-5.6 series models Sol, Terra, Luna will be available on ChatGPT, Codex and API. The GPT-5.6 models are priced per million Tokens, including 3 model specifications: Sol model input is $5, output is $30; Terra model input is $2.50, output is $15; Luna model input is $1, output is $6.
Robinhood Chain First Week DEX Volume Exceeds $1 Billion, Ranking Top Five in Industry
According to Decrypt, one week after Robinhood Chain went live, on-chain activity increased rapidly. Data shows that the chain has processed over 17 million cumulative transactions, with nearly 350,000 addresses, a protocol Total Value Locked of about $250 million, and cumulative DEX trading volume exceeding $1 billion. Its single-day trading performance was also notable, with Wednesday's volume reaching $568 million, Thursday exceeding $350 million, over 5.2 million transactions within 24 hours, and about 213,000 active addresses.
DefiLlama data shows that Robinhood Chain's 24-hour DEX trading volume is about $433 million, ranking fifth among all blockchains, exceeding Hyperliquid; TVL rose to about $94 million within a week, with stablecoin balances exceeding $260 million. Meanwhile, multiple Robinhood-themed tokens surged significantly. Affected by Robinhood Chain adopting the Arbitrum tech stack and returning 10% of net protocol revenue to the Arbitrum ecosystem, ARB price increased by 20%.
Bitmine Purchases Another 20,500 ETH from Galaxy Digital, Worth About $35.92 Million
According to monitoring by on-chain analysis platform Lookonchain (@lookonchain), Bitmine under Tom Lee (@fundstrat) purchased another 20,500 ETH from Galaxy Digital about 6 hours ago, worth about $35.92 million. In the previous two days, the company had already purchased 40,000 ETH from FalconX and Kraken, worth about $71.6 million. The total purchased over the two days exceeds 60,500 ETH, with a total value of over $107 million.
Polymarket Applies for U.S. Futures License, Plans to Compliantly Conduct Margin Trading
According to Bloomberg, prediction market platform Polymarket is seeking U.S. regulatory approval and plans to compliantly conduct margin trading business. The company submitted a Futures Commission Merchant (FCM) operation application to the U.S. National Futures Association (NFA) through its subsidiary Coming Home GBA LLC on July 3. This move will allow users to participate in event betting with less capital and is expected to attract more professional traders to enter.
Manus Plans Equity Transaction at $2 Billion Valuation, Tencent May Become Largest Shareholder
According to insiders, Tencent is negotiating to become the largest shareholder of AI agent company Manus. Most existing investors, including Tencent, ZhenFund, and Sequoia China, are discussing supporting a transaction at a $2 billion valuation to revoke Meta's acquisition.
Bernstein: AI Agents Drive Memory Interface Chip TAM to Triple in Three Years to $20 Billion
According to TechFlow Research, Bernstein's July 9 in-depth report on memory interface chips points out that AI shifting from training to inference makes CPU the core of task scheduling again, driving server CPU shipments to grow at a 24% CAGR from 2025 to 2030.
With the superposition of three driving forces, CPU shipment growth, increase in DRAM modules loaded per CPU, and MRDIMM upgrades have caused the single module chip value to jump from $7 to $70-80, significantly raising the global memory interface chip TAM from about $7 billion to $20 billion by 2030, corresponding to a 65% CAGR.
Montage Technology, Renesas, and Rambus collectively occupy 92% of the market share. Bernstein significantly raised Montage's A-share target price from 220 yuan to 400 yuan, and H-share from 320 HKD to 520 HKD, both maintaining an Outperform rating.
Today's Market Performance
Recommended Reading
This Summer, the Most Extreme Bet in the AI Industry is About to Be Revealed
https://www.techflowpost.com/article/32462
This article dissects a hidden transformation happening in the AI chip industry: while NVIDIA dominates the AI training era with general-purpose GPUs, specialized chips designed for inference are attempting to shift the new computing power landscape. The article focuses on the extreme bet of startup Etched—directly "etching" the Transformer architecture into the chip, sacrificing flexibility for ultimate inference efficiency, and analyzes the capital gamble behind it, the shift in AI cost focus, and the long-term competition between general-purpose chips and specialized chips. This summer, as Etched's first batch of chips is about to be delivered, a gamble on the next generation of AI infrastructure will be revealed.
Dialogue with Cerebras CEO: Holding $25 Billion Backlog, AI Computing Demand Was Booked Long Ago, We Are Not "Building and Waiting for Customers"
https://www.techflowpost.com/article/32460
This episode invited two CEOs of AI infrastructure companies. Andrew Feldman is the founder of Cerebras, a company that specializes in inference chips, just completed an IPO, and holds a $25 billion backlog. He repeatedly emphasized one thing: AI computing demand was booked long ago, there is no situation of "building and waiting for customers," and the appetite of OpenAI, Anthropic, SpaceX, and Google far exceeds supply. And the emergence of reasoning has caused computational intensity to soar again, which happens to be the battlefield for fast machines. Robin Rombach is the founder of Black Forest Labs, making generative image and video models (Flux series); he previously invented the latent diffusion algorithm, which is the foundation of all current image and video generation models. He just collaborated with Martin Scorsese, allowing the director to visualize scenes in his mind using AI; but the direction he is more excited about is that the same set of multimodal models can make movies and can also be deployed on robots as brains. The endpoint of generative video is not on the screen, but in the physical world.
Goldman Sachs Research Interpretation: IT Services 2Q Guidance Moves Towards Median, IBM Becomes Safe Haven Choice
https://www.techflowpost.com/article/32459
Goldman Sachs released the Americas Technology IT Services Sector 2Q26 performance preview on July 10, covering five companies: IBM, Cognizant, EPAM, Globant, and TaskUs. The core judgment is: 2Q performance overall meets expectations, but macro uncertainty has begun to affect customer decisions since April-May, and enterprises will lower the upper end of the guidance range and anchor to the median. Goldman Sachs believes IBM is a relative beneficiary in the sector, with software business resilience plus enterprise AI demand giving it allocation value; targets like EPAM that lean towards discretionary spending face greater downside risk.
As Bubbles Fade, Who Rules Attention in the AI Era? 2026 Chinese-English AI KOL Influence Map
https://www.techflowpost.com/article/32463
When AI makes information production costs approach zero, the truly scarce thing is changing from "content" to "trust". This report is based on tens of thousands of tweet samples from nearly 400 Chinese and English AI KOLs, dissecting the changes in the influence landscape of the AI era: the English ecosystem controls the technology source and industry narrative, while the Chinese ecosystem has become a super network for tool implementation and productivity diffusion. From model competition to the Agent wave, from information distribution to capability distribution, the discourse power in the future AI era may not belong to those with the loudest voice, but to those who continuously verify, continuously build, and continuously deliver results.
Bernstein Research Interpretation: CoreWeave 2Q Transition Season, Focus is on Power Ramp-up Rather Than Revenue Explosion
https://www.techflowpost.com/article/32457
Bernstein released CoreWeave (CRWV) 2Q26 performance preview on July 9, maintaining an Underperform rating, target price $67, current $90, implying 26% downside space. 2Q is highly likely to be a transition quarter, and the real performance turning point will only appear after power capacity ramps up to 1.7 GW in the second half of the year. 1Q has already exposed execution-level problems, with adjusted operating profit of only $21 million, far lower than the company's previous guidance of over $100 million. What Bernstein worries about is that once data center supply is no longer scarce after 2028, CoreWeave's business logic may not support the current valuation.
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