Serenity, known online as the “white-haired stock guru,” said that original investment ideas often face strong early opposition, but that markets ultimately determine whether a thesis is right or wrong. According to Odaily, Serenity wrote on X that several of his past stock views were heavily criticized at first, including AXTI, which he said was labeled a “scam company” and led to his related discussions being banned on Reddit’s WallStreetBets forum. He added that AXTI later received Reuters coverage and that company performance in the indium phosphide (InP substrate) wafer industry, along with validation from institutional investors, supported his logic. Serenity also cited RPI, which he said was initially dismissed as a “meme stock” and viewed by analysts as lacking fundamentals, but later financial reports showed an expected 58% increase in future revenue growth and the company was re-evaluated as a high-growth AI hardware firm. He pointed to SIVE as another example, saying it was widely seen as a “meme stock” before gaining institutional buying support and attention from firms including Fidelity Research and JPMorgan Chase, and later announcing partnerships with companies such as Jabil and GlobalFoundries. Serenity said that “the market will ultimately decide what is right or wrong,” rather than angry comments or posts on X. He also listed other cases he said were previously questioned but later gained market recognition, including AAOI around $30, LITE at $300, RKLB at $20, HOOD at $20 following criticism tied to GameStop trading restrictions, IQE as a small U.K. company seen as lacking photonics partnerships, SOI as overvalued in the view of European bank analysts, NBIS as lacking competitive barriers, INTC as unable to compete with TSMC, MRVL amid concerns Broadcom would take ASIC market share, AEHR after what he described as a market misreading of earnings, and EWY amid claims of a bubble in South Korea’s semiconductor cycle.

An NFT-born franchise is bringing its Vibes Series 3 trading cards to Target stores across the United States as it expands into physical products and broader retail distribution. According to Cointelegraph, the move marks the franchise’s push beyond its digital origins by placing its latest trading card series in a major national retailer, signaling a continued effort to reach mainstream shoppers through in-store availability. The report said the rollout involves Vibes Series 3 trading cards being stocked at Target locations nationwide, reflecting the franchise’s strategy to grow its presence through physical merchandise. Cointelegraph described the expansion as part of a broader shift into tangible products and mainstream retail channels, positioning the trading cards as a key step in that direction while maintaining the franchise’s roots in NFTs.

Michael Saylor used a social media post Friday to draw a direct comparison between Strategy's current financial position and a considerably more precarious moment in October 2022 — offering context for investors concerned about the company's capital structure following this week's STRC selloff.The 2022 comparison: when debt exceeded reservesSaylor recalled giving a speech in October 2022, when Bitcoin traded near $20,000 and Strategy held 130,000 BTC worth approximately $2.6 billion, with MSTR's split-adjusted stock price around $24. Weeks later, Bitcoin fell below $16,000, and Strategy's total debt briefly exceeded the combined value of its Bitcoin holdings and cash reserves by approximately $300 million. MSTR's stock price fell to around $13 by year-end — a genuinely distressed moment for the company, occurring during the depths of the 2022 bear market that followed the FTX collapse.Where Strategy stands todaySaylor's point in revisiting that period is to frame Strategy's current position by contrast. Since 2022, the company has raised over $60 billion — capital used entirely to increase its Bitcoin holdings, adding more than 716,000 BTC to its treasury. Today, Strategy's combined Bitcoin and dollar reserves exceed its total debt by approximately $48 billion — a swing of roughly $48.3 billion in the reserves-minus-debt position compared to the 2022 deficit."Thank you to everyone who believes in Strategy, stays with us, and takes a long-term perspective," Saylor wrote.Context: this follows the week's STRC turmoilThe timing of Saylor's post is notable. It arrives directly following the week's most significant stress test of Strategy's capital structure — STRC's collapse to as low as $82.50 on Thursday, which Strive CEO Matt Cole characterized as a "leverage liquidation event" rather than a credit deterioration. STRC closed the week at $88.62, still meaningfully below its approximately $100 par value, after the company announced it could sustain dividend payments for 32 years through Bitcoin sales in an apparent attempt to reassure markets about the structure's long-term viability.Saylor's own initial response to the STRC selloff on Friday had been notably brief: "Markets are closed today. Volatility is never easy. Bitcoin keeps working. So do we." This follow-up post represents a more substantive defense of the company's financial position, using historical context rather than forward-looking reassurances.Why the $48 billion figure mattersThe comparison directly addresses the core concern that has driven market anxiety this week — the fear, as Marex analysts put it, that "the market is now openly pricing the tail that Strategy has to sell coins to defend the structure." Saylor's framing argues that even accounting for STRC's preferred dividend obligations and the company's total debt load, Strategy's asset base provides a substantial $48 billion buffer — a figure that, if accurate, suggests the company is far from the kind of position it found itself in briefly during 2022, when debt actually exceeded combined reserves.The contrast with 2022 is instructive but not a complete reassurance. In 2022, Strategy's debt-exceeding-reserves moment resolved itself as Bitcoin recovered and the company continued its accumulation strategy uninterrupted — the company never was forced into distressed Bitcoin sales despite the brief negative equity position. Saylor's implicit argument is that the current situation, with $48 billion of positive buffer rather than a $300 million deficit, is structurally far more secure than the 2022 episode that ultimately resolved without incident.What remains unresolvedThe $48 billion reserves-over-debt figure addresses balance sheet solvency, but it does not directly resolve the more immediate liquidity question that triggered this week's STRC selloff: whether Strategy has sufficient near-term cash flow to meet its semi-monthly preferred dividend obligations without selling Bitcoin, given that the company already sold 32 BTC in late May specifically to fund a dividend payment. The $1.1 billion USD reserve built up over recent weeks is the more directly relevant buffer for that near-term liquidity question, separate from the longer-term solvency picture Saylor's $48 billion figure addresses.With STRC closing the week at $88.62 — still 11% below par — the market's verdict on whether Saylor's reassurance fully resolves the structural concerns raised by Marex, Cole, and others remains a question for the coming week's trading, particularly as Strategy's next scheduled dividend record dates (June 30 and ongoing semi-monthly thereafter) approach.

The US Securities and Exchange Commission is preparing to introduce a new policy that would allow crypto companies to offer blockchain-based tokenized stock trading, according to a Reuters report — a development that could have significant implications for the structure of traditional US equity markets if implemented. What's being proposed According to SEC Chairman Paul Atkins, companies would be permitted to experiment with new digital asset business models, including the tokenization of US stocks, without fully complying with existing disclosure and investor protection rules. This experimental, lighter-touch regulatory approach would represent a significant departure from how equity trading has traditionally been regulated in the US, potentially allowing crypto-native platforms to offer stock exposure through blockchain rails alongside or in competition with traditional exchanges. Industry pushback: Citadel Securities and SIFMA raise concerns The proposal has already drawn opposition from established financial market participants. Citadel Securities and SIFMA — the Securities Industry and Financial Markets Association, representing broker-dealers, banks, and asset managers — have argued that the changes could divert liquidity away from traditional markets and create regulatory arbitrage risks, where tokenized stock platforms could operate under lighter compliance burdens than traditional exchanges and broker-dealers while competing for the same order flow. The regulatory arbitrage concern is a familiar one in financial market structure debates: if tokenized stock platforms can offer similar economic exposure to traditional equities with fewer disclosure and investor protection requirements, market participants may migrate toward the less-regulated venue, potentially undermining the protections that traditional securities regulation has built over decades — or alternatively, creating genuine innovation and efficiency gains that benefit investors through lower costs and faster settlement. As of the report, the SEC has not made any public comments on the matter. Why this matters for crypto markets This development would represent a significant acceleration of the "Great Convergence" theme that BlackRock's Jay Jacobs described earlier this week — the merging of traditional finance and crypto infrastructure. It also builds directly on momentum already visible in the market: Kraken's xStocks platform has processed more than $25 billion in cumulative tokenized equity trading volume within eight months of launch, including tokenized access to SpaceX shares ahead of its traditional IPO. Ondo Global Markets has surpassed $1 billion in total value locked offering tokenized stocks and ETFs. Pre-IPO perpetual futures volumes have surged from $1 billion to $22 billion in weeks, with Binance establishing itself as the largest venue. SEC approval of a formal framework for tokenized stock trading — rather than the current patchwork of offshore and crypto-native platforms operating in regulatory gray areas — would provide the legitimacy and regulatory clarity that could dramatically accelerate institutional and retail adoption of tokenized equities. It would also validate Standard Chartered's Geoffrey Kendrick's investment thesis behind his $100 UNI price target, which rests specifically on tokenized real-world assets flooding into DeFi protocols as the category matures and gains regulatory acceptance. For traditional market structure, the implications are genuinely significant. If tokenized stocks can trade 24/7 on blockchain rails with faster settlement than the traditional T+1 system, and if crypto-native platforms can offer this with lower compliance overhead, the liquidity migration concerns raised by Citadel Securities and SIFMA may prove well-founded — representing a genuine threat to the economics of traditional market-making and exchange operations that have been built around current regulatory structures.

Pudgy Penguins has launched Vibes Series 3 at Target stores across the United States, marking the trading card game’s largest retail expansion. According to NS3.AI, the rollout brings the total number of circulated cards to 15 million. The new set introduces additional gameplay mechanics and original artwork, and it also includes Moonbirds characters.

Bitcoin is trading at $63,671.32, up 1.60% over the past 24 hours, while Ethereum has climbed to $1,723.81, up 1.64% over the same period — a modest rebound following the four-day decline that took Bitcoin below $62,400 in the wake of Wednesday's hawkish Fed dot plot and the STRC-driven credit market stress.What funding rates reveal beneath the price actionDespite the price recovery, funding rates across major trading platforms tell a more cautious story. BTC funding rates are below the bullish threshold on all platforms, with roughly half turning negative — indicating that the price increase has not been accompanied by a corresponding recovery in bullish sentiment among leveraged traders. ETH funding rates are similarly in bearish territory across platforms, though most remain positive, suggesting Ethereum sentiment is comparatively less negative than Bitcoin's at this moment.A funding rate of 0.01% represents the neutral benchmark. Rates above that threshold typically indicate bullish positioning, where long traders are paying shorts to maintain leveraged positions. Rates below approximately 0.005% indicate bearish positioning, where the balance of leveraged demand has shifted toward shorts or simply away from aggressive long conviction.Why this divergence mattersThe gap between rising spot prices and weak funding rates is a meaningful signal in itself. When price rises but funding rates stay low or negative, it typically suggests the rally is being driven by short covering or spot buying rather than fresh leveraged long conviction — a pattern consistent with what derivatives data showed during Monday's earlier short-squeeze-driven bounce to $66,000 following the initial US-Iran deal confirmation.This pattern also lines up with the broader market structure described throughout the week: more than $450 million in long liquidations following Wednesday's Fed meeting, elevated put option demand targeting a potential slide to $52,000, and persistent negative cumulative volume delta across most major tokens. Traders who were burned by the post-FOMC selloff and the STRC credit scare appear to be treating today's bounce with caution rather than re-leveraging aggressively into long positions.The broader contextToday's modest recovery arrives against a backdrop of accumulating structural signals — Glassnode's Accumulation Trend Score at its maximum reading, K33's record 79% long-term holder supply share, and CryptoQuant's Sharpe ratio hitting historical cycle-bottom levels — all of which suggest underlying demand conditions have been improving even through the week's volatility. The disconnect between that accumulation picture and today's tepid funding rates may simply reflect the lag between spot-level accumulation by long-term holders and the return of confidence among shorter-term leveraged traders, who tend to be the last cohort to re-engage after a sharp selloff.Whether today's bounce extends or fades will likely depend on whether funding rates begin normalizing toward the bullish threshold in the coming sessions — a shift that would indicate leveraged traders are starting to share the conviction reflected in the broader on-chain accumulation data, rather than remaining skeptical of the recovery's durability.

沃什就任美联储主席后面临的首要难题并非利率该升还是降，而是一个更根本的判断：当前AI繁荣究竟是哪一种繁荣？这一判断将决定美联储的政策走向，也将定义沃什的历史地位。

金色周刊是金色财经推出的一档每周区块链行业总结栏目，内容涵盖一周重点新闻、行情与合约数据、矿业信息、项目动态、技术进展等行业动态。

谷歌为数据中心提供担保以撬动自研芯片销售，以850亿美元融资计划为后盾争夺算力客户，博通联合阿波罗、黑石设立350亿美元AI算力平台，并提供信用背书。

AllianceDAO,Cursor,项目,Alliance 联创致创业者的一封信：写在 Cursor 卖出 600 亿美元之际 金色财经,伟大的公司,都是在变得显而易见之前熬出来的。

德银认为，AI对高带宽存储（HBM）的结构性需求疯狂挤占传统产能，供给缺口难以在2027年前弥合。

扩容正在压低短期费用，也在放大Ethereum的结算网络效应。

他说，该司在美政府表达担忧后迅速回应，表现得“非常负责”；不会关闭该司，但不确定是否非得动用法律赋予的紧急权力干预不可。

行情,BTC,股价一个月暴跌32%：全球持有比特币最多的公司怎么了？ 金色财经,股价月跌三成，非致命缺陷。

40万次会话显示，AI降低了编程门槛，也放大了领域判断的价值。

为寻找新的增长曲线，越来越多矿企加速切入AI赛道，这一转型叙事迅速获得得资本市场青睐，不少矿企股价大幅上涨，甚至刷新历史高点。