Ripple CEO Brad Garlinghouse went on CNBC Friday to separate two things the market has been treating as one: Bitcoin the asset, which he says he remains bullish on, and Michael Saylor's preferred stock accumulation model, which he says has hurt the broader crypto market. "Financial engineering does not drive long-term value," Garlinghouse said. "Team Michael Saylor wasn't focused on the right stuff and that has hurt the overall market." STRC, the preferred stock at the center of Strategy's model, fell to a record low the same day — 26% below its intended $100 par value — while MSTR common stock closed around $82, its lowest since February 2024. What Is Strategy's Funding Model and Why Is It Under Pressure For approximately a year, Strategy has issued preferred shares — a class of stock that pays a fixed dividend — to raise cash for Bitcoin purchases. STRC carries an 11.5% annual dividend and was engineered to trade near $100. The mechanism works as long as STRC holds near par: Strategy issues new preferred shares, raises cash, buys Bitcoin, and the cycle repeats. When STRC falls below par, the engine stalls — new issuances at acceptable terms become impossible. Strategy has already paused its Bitcoin buying program for exactly this reason. CryptoQuant reported this week that the cushion behind STRC's dividend payments has thinned from more than seven years of coverage to approximately 14 months — a deterioration driven by Bitcoin trading at $59,000 versus Strategy's average purchase cost of approximately $75,656, creating over $14 billion in aggregate unrealized losses on the treasury that backs the preferred structure. Why Garlinghouse Calls It a "Damning Indictment" Garlinghouse pointed to STRC at 25% below par as concrete evidence that the financial engineering thesis has failed on its own terms. His argument is structural: a funding mechanism that depends on a preferred stock maintaining near-par pricing is fragile by design — when the underlying asset declines, the mechanism seizes, the buying stops, and the overhang of a potential forced seller enters the market regardless of whether actual selling occurs. "Financial engineering does not drive long-term value," he said, arguing the lasting value of any digital asset must come from its usefulness rather than from capital structure complexity. Michael Saylor addressed the market Friday with a brief post on X: "Volatility tests every capital structure." It was his second measured public statement in as many weeks as STRC has continued declining. MSTR common stock has now fallen more than 85% from its November 2024 all-time high. Why the Counterargument Matters Benchmark-StoneX analyst Mark Palmer directly rejected Garlinghouse's implied framing, arguing that Strategy's funding engine has become "less efficient" rather than broken and explicitly dismissing comparisons between STRC and assets that have collapsed outright. Matt Cole of Strive made the same point when STRC first crashed to $82.50, characterizing the selloff as a leverage liquidation event rather than credit deterioration — a distinction that has so far been validated by STRC's partial recoveries from its worst intraday levels. Marex's Ilan Solot had framed the structure with the most precision weeks earlier: "Strategy is now a fight over the capital waterfall — every move protects one stakeholder by torching another." That analysis neither validates Garlinghouse's financial engineering critique nor dismisses Palmer's less-efficient-not-broken view — it describes the inherent tensions of a complex preferred equity capital structure under Bitcoin price stress. What This Means for Bitcoin and the Broader Market Garlinghouse's argument that the model has "hurt the overall market" rests on a specific mechanism: the STRC overhang has introduced a perceived forced-seller risk into Bitcoin markets that amplifies every price decline with a narrative layer that would not exist if Strategy had accumulated Bitcoin through simpler means. Marex had identified exactly this dynamic — markets "openly pricing the tail that Strategy has to sell coins" — as a weight on Bitcoin sentiment through the June correction independent of pure macro headwinds. What to Watch Next June 30 brings two simultaneous Strategy events: the STRC ex-dividend date for the first $0.48 semi-monthly payment due July 15, and the monthly dividend rate reset that may lift the rate from 11.50% toward 12%-12.50% to partially close the gap between the stated rate and the 15% effective yield the market is currently pricing. Neither event resolves the structural question Garlinghouse raised. Only Bitcoin recovering above Strategy's $75,656 average cost basis would do that — making Thursday's core PCE, the continuing Iran deal trajectory, and the H2 macro outlook the variables that ultimately determine whether Garlinghouse's criticism proves prescient or premature.

Solana's SOL recovered 14% from Thursday's $64 low to $72 on Friday, driven by tokenized stock trading optimism and futures positioning that turned positive for the first time in weeks. The move looks constructive on the surface. But TVL is down 11% in a month, weekly DEX volumes have collapsed from $30 billion to $10 billion since February, and 30% of the network's DApp revenue comes from a single memecoin launch platform. The rally may be real. The structural recovery behind it has not yet been confirmed by the data. Why Did SOL Jump 14% in 24 Hours Two catalysts drove Friday's move. Tokenized stocks on Solana traded over $113 million in 24 hours according to Jupiter Aggregator — a figure reflecting genuine demand for on-chain equity exposure following the SpaceX IPO's pre-trading momentum on crypto-native platforms and the broader AI sector growth narrative. Demand for bullish leverage on SOL futures simultaneously pushed the annualized funding rate to its highest level in June at approximately 10% — reversing the negative funding that had marked Thursday's $64 low and confirming that leveraged traders repositioned aggressively on the bounce. Airdrop anticipation added to the optimism. OnRe reinsurance holds $200 million in TVL on Solana. Bulk perpetual DEX has $325 million in aggregate open interest. Loopscale lending sits at $79 million in TVL. The timing of those token launches remains uncertain, but the pipeline represents a meaningful source of potential near-term demand that traders are positioning around. Why Solana's TVL Is Falling Despite the Tokenized Stock Rally The structural picture beneath Friday's bounce tells a more cautious story. Solana's total value locked dropped 11% over the past month while Ethereum layer-2 Base narrowed the gap. Protocol-level declines include a 19% TVL reduction in Kamino, a 20% drop in Binance Staked SOL, and a 17% decline in Raydium. The tokenization platform xStocks posted 31% TVL growth — the one constructive data point in an otherwise declining picture. Weekly DEX volumes have collapsed from approximately $30 billion in early February to approximately $10 billion — a two-thirds reduction that reflects both the broader crypto bear market and a specific decline in the on-chain activity that defined Solana's 2025 growth narrative. DApp revenues have followed the same downward trend. The tokenized stock volumes are not yet translating into the kind of sustained network processing demand that would justify a structural re-rating of SOL.   Why Solana's Revenue Concentration in Pump.fun Is a Structural Risk The most important structural vulnerability in Friday's optimism is Solana's dependence on Pump.fun — the memecoin launch platform that accounted for 30% of DApp revenue on the network in Q1. Pump.fun's revenue is cyclical by design: it depends on memecoin activity that has been in a documented slowdown. A CoinGecko report found 80% of the 18.7 million tokens launched on the platform did so in under 48 hours. Dune data showed 55% of addresses involved lost up to $1,000. A network generating 30% of its application revenue from a memecoin launch platform with sub-48-hour token lifespans carries a fragility that $113 million in 24-hour tokenized stock volumes cannot yet offset — particularly when those volumes depend on thin automated market-maker liquidity and nascent holder bases that have yet to demonstrate durability. Can SOL Reclaim $80? What the Competition Says About the Ceiling Reclaiming $80 — last seen on June 1 — requires more than a one-day tokenized stock volume figure. Hyperliquid has established itself as the dominant venue for perpetual futures tied to traditional assets, with SpaceX perp open interest of $812 million making it the sixth-largest perp market globally. Centralized exchanges and competing blockchains are simultaneously launching tokenized stock products, meaning Solana's first-mover advantage in on-chain equity exposure is not durable without a sustained liquidity advantage that current pool sizes do not demonstrate. The path to $80 requires a reversal in TVL and DEX volume trends that have been deteriorating for months, a reduction in Pump.fun revenue concentration, and a liquidity depth in tokenized stock pools sufficient to compete with Hyperliquid's infrastructure advantages. Friday's funding rate turning positive and the tokenized stock narrative gaining traction are necessary preconditions. They are not yet sufficient ones.

ARK Invest founder Cathie Wood said on X that capital outflows from relatively unstable countries worldwide could provide new upward momentum for Bitcoin and other digital assets. According to Odaily, Wood said artificial intelligence is leading a technological revolution and is drawing significant attention and liquidity in investing, but she argued that AI cannot replace the role digital assets play in the current global environment, particularly as a tool for wealth “insurance.” Wood added that as macroeconomic uncertainty rises, investors’ demand for asset preservation and cross-border allocation tools is increasing, and digital assets are gradually becoming an important way to meet that demand.

The Shanghai-headquartered BRICS New Development Bank said it has issued bonds in Macau for the first time, with an issuance size of $50 million, according to Ming Pao. The bonds are three-year floating-rate notes priced at the Secured Overnight Financing Rate (SOFR) plus 30 basis points. The notes were issued as Lotus bonds and are held in custody by Macau Central Securities Depository and Clearing Ltd. (MCSD).

Following the devastating earthquakes that struck northern Venezuela on June 25, 2026, Binance Charity is donating $3 million in 20 USDT token vouchers to affected users and waiving all P2P transaction fees and Binance Pay merchant fees in Venezuela for seven days through July 2, 2026. Who is eligible Users in the hardest-hit regions — La Guaira, Distrito Capital, Miranda, Aragua, Carabobo, Falcón, and Yaracuy — who completed Proof of Address and eKYC verification before June 26, 2026 will each receive 20 USDT in token vouchers, redeemable through the Rewards Hub. Existing users who have not yet completed Proof of Address can still qualify. Those who complete POA between June 26 and July 10, 2026 at 23:59 UTC-3 will also receive 20 USDT, subject to the total donation allocation. Funds will be distributed within a maximum of 30 days from the date of POA completion. Fee waivers All P2P transaction fees and Binance Pay merchant transaction fees in Venezuela are waived for seven days, ending July 2, 2026 at 23:59 UTC-3. The P2P fee waiver applies to all VES-denominated transactions. Users in affected areas are encouraged to check their Rewards Hub and complete Proof of Address verification as soon as possible to secure their allocation before the July 10 deadline.                              

Cathie Wood said multiomics could become one of the most far-reaching applications of artificial intelligence in healthcare, citing research from ARK Invest. According to Odaily, she said combining multiomics technologies with AI could enable early disease diagnosis before any physical symptoms appear and reduce the cost and time required for new drug research and development, accelerating the development and delivery of new therapies. Wood also said this trend could shift healthcare from traditional “sickcare” toward health management, moving from passive treatment to proactive prevention.

人工知能、技術、データ・フライホイールか、それともサンプルの繰り返しか？Physical AIは「作業時間至上主義」に別れを告げるべきだ。金色財経、ロボット企業は依然として作業時間を競っているが、真に不足しているのは新しいサンプルである。

早くも2016年に、SBIはRippleと提携を結んでいた。

前日の米国株式市場では、世界の半導体セクターで激しい売り圧力が発生した。フィラデルフィア半導体指数は大幅に下落し、マイクロン・テクノロジーとサンディスクは取引時間中にいずれも6％超の下落を記録、ウェスタンデジタルは7％超下落した。

メディアの報道によると、米国政府は金曜日、同社の「Claude Mythos 5」モデルに対する輸出規制を解除し、政府の承認を受けた100社以上の企業および連邦機関が同モデルを利用できるようにしたと発表した。

この仕組みが果たして「安定装置」なのか、それとも「加速装置」なのか、その答えは今後の価格と金利に隠されている。

人工知能（AI）業界は依然として急成長を続けており、その勢いが衰える気配は微塵もない。しかし、「ブロックチェーンAI」分野の状況はまったく異なる。なぜこの分野は相応の注目を集めることができなかったのだろうか？

OpenAIの財政難によりIPOが延期される可能性があり、市場ではAIがもたらす影響に対する見通しが再評価されている。

李飛飛氏は「人工知能のコストはゼロに近づいている」という説を否定した。人間の知能は、知覚、空間認識、身体能力、感情など多面的な能力を融合させたものであり、大規模モデルでは到底再現できないものである。

「金色財経」は『金色Web3.0日報』を創刊し、AI、DeFi、DAO、NFT、メタバース業界に関する最新かつ最速のニュースをお届けします。

マイクロンは第3四半期の業績で過去最高を記録し、売上高は414.56億米ドル、粗利益率は84.9％、純利益は282.4億米ドルとなり、NVIDIAやMetaを上回った。