eToro launches tokenized US stocks; US lawmakers include crypto in mortgage assets

Headline

▌eToro to Launch Tokenized US Stocks on the Ethereum Chain

Online trading platform eToro announced that it will launch a tokenized US stock service on the Ethereum chain, allowing users to purchase and trade tokenized US stocks on the chain as a strategic move towards a tokenized future. In a webinar held on Tuesday, eToro revealed that it will provide 24/7 trading services for the first 100 popular US-listed stocks and ETFs (as underlying assets), allowing users to trade outside of traditional market trading hours. eToro has also partnered with the Chicago Mercantile Exchange Group to launch spot-quoted futures, which are currently available in select European markets and plan to further expand coverage.

▌U.S. Senator Lummis introduces new bill requiring cryptocurrencies to be included in mortgage assets

Cynthia Lummis, the sponsor of the Bitcoin Strategic Reserve Act and chair of the Senate Banking and Digital Assets Subcommittee, introduced the 21st Century Mortgage Act today, requiring Fannie Mae and Freddie Mac to take digital assets recorded on distributed ledgers into consideration when evaluating single-family home mortgage qualifications and not to force the conversion of these digital assets into U.S. dollars. The bill aims to increase the opportunities for younger generations to obtain home loans by recognizing digital assets as an indicator of wealth assessment. Earlier on June 26, Pulte, director of the U.S. Federal Housing Finance Agency (FHFA), posted on social media: "After research, and in accordance with President Trump's vision of making the United States the capital of cryptocurrency, today I ordered Fannie Mae and Freddie Mac to prepare their businesses to include cryptocurrency as a recognized asset for mortgage applications."

Market

As of press time, according to CoinGecko data:

BTC price is US$117,892, up or down -0.1% in 24 hours;

ETH price is US$3,791.81, up or down -0.1% in 24 hours;

-2.0%; the price of SOL is $181.57, with a 24-hour increase or decrease of -1.0%; the price of DOGE is $0.2237, with a 24-hour increase or decrease of -1.3%; the price of XRP is $3.13, with a 24-hour increase or decrease of +0.1%. The price of TRX was $0.3374, with a 24-hour change of +5.0%. China-US Trade Talks Held in Stockholm, Sweden. From July 28th to 29th local time, Vice Premier He Lifeng, the Chinese coordinator for China-US trade talks, and US Treasury Secretary Jeffrey Bessant and Trade Representative Greer, the US coordinators, held China-US trade talks in Stockholm, Sweden. He Lifeng stated that the two sides should continue to follow the important consensus reached during the call between the two heads of state, give full play to the role of the China-US trade consultation mechanism, continuously enhance consensus, reduce misunderstandings, strengthen cooperation, further deepen dialogue and consultation, and strive for more win-win results. The US side stated that a stable US-China economic and trade relationship is of great significance to both countries and the global economy, and expressed its willingness to work with China to continue to resolve differences in the economic and trade field through the US-China trade consultation mechanism, promote more consultation results, and further stabilize US-China trade relations. (CCTV News) Hong Kong Monetary Authority: Regulatory Regime for Stablecoin Issuers to Take Effect on August 1 On July 29, the Hong Kong Monetary Authority (HKMA) issued the "Guidelines on the Supervision of Licensed Stablecoin Issuers" and the "Guidelines on Combating Money Laundering and Countering the Financing of Terrorist Activities (Licensed Stablecoin Issuers)," along with a consultation summary on the regulatory regime for stablecoin issuers, which will take effect on August 1, 2025. Both sets of guidelines were gazetted on August 1, 2025. The HKMA also released the "Summary Notes on the Licensing Regime for Stablecoin Issuers" and the "Summary Notes on Transitional Provisions for Existing Stablecoin Issuers," relating to the licensing regime and application procedures. The HKMA stated that no licenses have been issued as of today. Institutions interested in applying for a license are encouraged to contact the MAS on or before August 31, 2025, so the MAS can convey its supervisory expectations and provide appropriate feedback. Licensing will be an ongoing process. Institutions that believe they are fully prepared and wish to be considered sooner should submit their applications to the MAS on or before September 30, 2025. The Central Bank of Uruguay may classify Bitcoin as a "non-financial virtual asset" to simplify compliance for virtual asset service providers. Algeria Bans All Cryptocurrency Activities, with Violators Facing Imprisonment and Fines Algeria has passed a revised bill that formally bans all cryptocurrency-related activities, ranging from holding and trading to mining and promotion. Bill No. 25-10, enacted on July 24th, explicitly prohibits the issuance, sale, purchase, holding, use, and promotion of all cryptocurrencies, including Bitcoin and USDT. The bill also criminalizes mining, the use of digital wallets, and the operation of cryptocurrency exchanges. The bill aims to strengthen the financial system's defenses against crime and terrorism, align with international standards, implement the Financial Action Task Force guidelines, and address the growing popularity of cryptocurrencies among young people and off-grid miners in the south. Cryptocurrency use is classified as a financial crime under anti-money laundering and counter-terrorist financing laws, and crypto assets are uniformly categorized regardless of their intended use. Violators face imprisonment of two months to one year and fines of 200,000 to 1 million dinars. Penalties are even higher for activities related to organized crime. Coinbase will support using Samsung Pay to fund accounts and trade directly within the app. Samsung Wallet users can use fiat currency to fund their Coinbase accounts without switching apps or re-entering payment information. The product will begin rolling out in North America this week. Kraken seeks approximately $500 million in funding at a valuation of $15 billion. Cryptocurrency exchange Kraken is seeking approximately $500 million in funding at a valuation of $15 billion. Nasdaq plans to delist Bitcoin mining company Argo Blockchain due to low stock price; the company has requested a hearing to defend its claims. London-based Bitcoin mining company Argo Blockchain (NASDAQ: ARBK) has been notified by Nasdaq of its proposed delisting due to its stock price remaining below $1. The company has failed to maintain the minimum bid price requirement since the beginning of the year, triggering a delisting deficiency notice on July 15th. Its current share price is $0.31, a significant drop from $16.60 when it listed in 2021. Argo has stated that it will appeal to the Nasdaq Hearings Panel, and its stock will continue to trade during the hearing. The company has not announced any plans to boost its stock price, such as a merger or reorganization, and acknowledges that there is no guarantee that its appeal will succeed or that it will regain compliance. The miner, which sold its largest mining operation, Helios, in Texas, in 2022 to avoid bankruptcy, currently operates a hydroelectric mining facility in Quebec, Canada. pump.fun pledges 100% of daily revenue for token buybacks. pump.fun has increased its token buyback program, pledging to use 100% of its daily revenue for buybacks. Bloomberg: Bitmain Plans First US Factory Crypto mining machine manufacturer Bitmain Technologies Co., Ltd. plans to open its first US factory in the coming months, a strategic shift in line with the "Made in the USA" trend for digital assets. According to Irene Gao, Bitmain's head of global business, the company plans to officially establish its new headquarters and assembly line in either Texas or Florida by the end of the third quarter of 2025. Initial production is expected to begin in early 2026, followed by full-scale production later in the year. JD.com's JD Chain has registered the names "JCOIN" and "JOYCOIN," which may be the names of its stablecoins. JD.com (9618)'s JD Coin Chain has reportedly registered the names "JCOIN" and "JOYCOIN," and the market expects these to be the names of its stablecoins. Registration instructions indicate that related services include electronic funds transfers and cryptocurrency financial transactions using blockchain technology. JD Coin Chain is a participant in the HKMA's Stablecoin Issuer Sandbox Program and previously collaborated with Airstar Bank in July of last year to test a stablecoin-based corporate cross-border payment solution. According to public reports, as of early June of this year, JD Coin Chain had already tested a Hong Kong dollar stablecoin and was deploying trials for other fiat stablecoins. Its CEO, Liu Peng, stated last month that the second phase of testing would focus on three application scenarios: cross-border payments, investment transactions, and retail payments. (Ming Pao) Cryptocurrency: US SEC Approves Physical Subscription and Redemption for Bitcoin and Ethereum ETFs and Relaxes Option Position Limits. On July 29th, the U.S. Securities and Exchange Commission (SEC) officially approved the "physical subscription and redemption" mechanism for Bitcoin and Ethereum spot ETFs, covering products from several institutional investors, including BlackRock, Ark21, Fidelity, VanEck, and Franklin Templeton. This adjustment will make fund operations more efficient and reduce costs. The SEC also approved applications for fund-of-funds that include Bitcoin and Ethereum spot assets, Bitcoin ETF options products, and the relaxation of some option position limits. Chairman Paul Atkins called this move "part of establishing a more rational regulatory framework" that will contribute to the depth and vitality of the U.S. crypto market. Analysts expect that subsequent applications for ETFs tracking altcoins will also support physical subscription models. The U.S. Securities and Exchange Commission (SEC) has confirmed receipt of BlackRock's application for a collateralized Ethereum spot ETF. Nate Geraci, president of The ETF Store, stated earlier this year that an ETH ETF with collateralized trading would happen regardless. Under the Trump administration, this will happen even faster. The U.S. SEC Delays Decision on Grayscale's Litecoin ETF. The U.S. Securities and Exchange Commission (SEC) announced on Tuesday that it will postpone its decision on Grayscale's Litecoin ETF application until October 10th and approved a rule change allowing for "physical subscriptions and redemptions" for ETFs, further signaling its support. Strategy, the Bitcoin vault company led by Michael Saylor, announced that it has purchased an additional 21,021 Bitcoins at an average price of approximately $117,300, bringing its total holdings to 628,791 Bitcoins. The funds were raised through Strategy's fourth round of "Stretch" preferred stock (STRC) offering, which was priced at $90 per share and raised approximately $2.521 billion. This marks the largest U.S. IPO of 2025 to date and the largest perpetual preferred stock offering in the U.S. stock market since 2009.

▌ATNF, a U.S.-listed company, plans to raise approximately $425 million to transform into an Ethereum Treasury Reserve Company

180 Life Sciences Corp. (NASDAQ: ATNF), a U.S.-listed company, announced its transformation into an Ethereum Treasury Reserve Company, intending to raise approximately $425 million through private equity financing. Upon completion of the transaction, the company plans to change its name to ETHZilla Corporation.

▌Twenty One Capital expects to increase its holdings by 5,800 Bitcoins before listing

Twenty One Capital announced that after completing its business merger with special purpose acquisition company Cantor Equity Partners (CEP), it expects to add approximately 5,800 Bitcoins, bringing its total holdings to more than 43,500 Bitcoins. The company will become the world's third-largest corporate Bitcoin holder, with an average purchase cost of $87,280.37 per coin. SharpLink Increases Ethereum Holdings by 77,210 ETH, Bringing a Total to Approximately 438,000. According to an official announcement, SharpLink (stock symbol: SBET) increased its Ethereum holdings by approximately 77,210 ETH between July 21st and 27th, with a total transaction volume of approximately $290 million and an average purchase price of $3,756 per coin. This increase brings the company's total Ethereum holdings to approximately 438,190 ETH, and its Ethereum concentration index (ETH) has increased to 3.40 from 3.06 last week. Since implementing its reserve strategy on June 2nd, the company's ETH concentration has increased by approximately 70%. In addition, the company has received approximately 722 ETH in staking rewards. ZOOZ Power Ltd. (ZOOZ), a US-listed company, announced a $180 million private placement to launch a Bitcoin treasury reserve strategy. The PIPE, which is subject to shareholder approval, is expected to sell 180 million shares of the company's common stock and prepaid warrants at $1 per share. Participants in the PIPE include strategic investors Pantera Capital, FalconX, Arrington Capital, UTXO Management, ATW Partners, and renowned Israeli investor Alex Rabinovitch. Bakkt Announces $75 Million Rights Offering to Purchase BTC New York Stock Exchange-listed Bakkt publicly priced its Class A common stock and/or pre-funded warrants through an underwritten public offering. The company will issue 746,373 shares of Class A common stock at $10 per share and 6,753,627 shares of Class A common stock, raising gross proceeds of approximately $75 million. The company plans to use the proceeds to purchase Bitcoin and other digital assets, as well as for working capital and general corporate purposes. BitMine Announces $1 Billion Share Repurchase Plan BitMine Immersion Technologies announced today that its board of directors has approved a share repurchase plan to repurchase up to $1 billion of the company's outstanding common stock. The company has over $401.4 million in unencumbered cash. As of 10:45 PM ET on July 28, the company held 625,000 ETH at a price of $3,755 per ETH and 192 BTC at a price of $118,021 per BTC. The company currently has 121,739,533 fully diluted common shares outstanding, with a combined net asset value (NAV) of $22.76 in cash and cryptocurrency.

Important Economic Dynamics

▌Li Chenggang: China and the United States will continue to push for the scheduled extension of the 24% reciprocal tariffs that the United States has suspended and China's countermeasures

According to Xinhua News Agency, Li Chenggang, China's International Trade Representative and Vice Minister of Commerce, said on the 29th that based on the consensus reached by China and the United States, the two sides will continue to push for the scheduled extension of the 24% reciprocal tariffs that the United States has suspended and China's countermeasures.

▌Li Chenggang: China and the United States' economic and trade teams will continue to maintain close communication

According to Xinhua News Agency, Li Chenggang, China's International Trade Representative and Vice Minister of Commerce, said on the 29th that China and the United States' economic and trade teams will continue to maintain close communication, exchange views in a timely manner on economic and trade issues, and continue to promote the stable and healthy development of bilateral economic and trade relations. Is BTC a safe haven during trade wars? Bitcoin's growing resilience stems from its maturing market, growing institutional adoption, and its appeal as a non-sovereign, transferable hedge during times of financial or geopolitical stress. While not yet the ultimate safe haven, it has clearly transcended its speculative roots and is gaining ground. This growing momentum stems in part from structural factors. Over the past few years, the Bitcoin market has matured. Institutional adoption has increased. Spot Bitcoin ETFs are now available on major markets. Custody solutions are also more established. Perhaps most importantly, there is a broader understanding of the meaning of Bitcoin. Bitcoin is no longer simply a speculative currency. It is a tool for asserting financial sovereignty, hedging against fiat currency devaluation, and transcending the boundaries of politicized financial infrastructure. Furthermore, Bitcoin is completely non-sovereign. Against the backdrop of a trade war, where fiat currencies could be weaponized and capital controls are being implemented, Bitcoin is extremely attractive to those who want to move money across borders without interference. It's portable, permissionless, and increasingly liquid—three qualities people crave in times of crisis. This doesn't mean Bitcoin is now the undisputed king of safe-haven assets. For most conservative investors around the world, gold still plays that role. The US dollar remains the default choice for people seeking liquidity in a crisis. Bitcoin's price volatility will still make people nervous. But you'll see it mature amidst market turmoil. It's no longer as marginalized as it once was.