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Meta posts record revenue, but AI costs drag down stock price
Meta Platforms (META.O) posted record revenue in the second fiscal quarter, but updates on its AI spending plan sparked investor concerns about the costs of building its infrastructure. Meta slightly raised the lower end of its annual capital expenditure guidance from $125 billion to $130 billion, while keeping the upper end unchanged at $145 billion. Its second-quarter revenue was $60.8 billion, up 28% year-over-year, but net profit was $15.8 billion, below analyst expectations. As a result, Meta's stock fell over 6% in after-hours trading. In an effort to catch up in the AI race, Meta has already invested tens of billions of dollars in chip procurement, data center construction, and top talent recruitment. Recently, it partnered with BlackRock to raise at least $12 billion to build a data center in Texas. Meta's free cash flow in the second quarter was $784 million. (Jin Shi)
贝莱德牵头至少 120 亿美元债务融资，支持 Meta 得州大型数据中心项目
According to people familiar with the matter cited by The Wall Street Journal, BlackRock is leading a debt financing deal of at least $12 billion to fund a large-scale data center project in El Paso, Texas, jointly supported by BlackRock and Meta Platforms.
ZeroHash, a cryptocurrency infrastructure company, is seeking new funding at a valuation of over $1.5 billion.
According to CoinDesk, crypto infrastructure firm Zerohash is seeking new funding at a valuation exceeding $1.5 billion. This comes after Mastercard abandoned its investment plans for Zerohash following its $1.8 billion acquisition of UK-based stablecoin infrastructure company BVNK. Founded in 2017, Zerohash provides APIs and embedded development tools to financial institutions and fintech companies, enabling support for cryptocurrencies, stablecoins, and tokenized products. The company now serves over 5 million users across 190 countries, with clients including Morgan Stanley, Stripe, Interactive Brokers, BlackRock’s BUIDL Fund, and Franklin Templeton. In September 2025, Zerohash closed its $104 million Series D-2 round, valuing the company at $1 billion at that time.
Bernstein: CLARITY Act Yield Compromise to Strengthen Circle's Competitive Edge
Odaily. Bernstein stated in its latest research report that the newly reached compromise on stablecoin yields under the U.S. CLARITY Act is structurally beneficial for Circle and the USDC ecosystem.The report notes that the current version of the bill prohibits stablecoin issuers from paying interest to passive holders that is "economically equivalent" to bank deposits, but allows reward mechanisms tied to actual transaction, payment, and usage activities to continue. Bernstein believes this means Circle's current model, which relies on partners like Coinbase to provide USDC reward programs, will gain regulatory recognition, while also limiting the industry's ability to compete for market share through high yields.Bernstein points out that the bill effectively reinforces the positioning of stablecoins as "payment tools" rather than "deposit substitutes," helping to protect Circle's current business model that relies on reserve income. The firm maintains an "Outperform" rating for Circle with a $190 target price.Data shows that the total global supply of dollar-pegged stablecoins has surpassed $300 billion, with USDT and USDC collectively accounting for approximately 97% of the market share. Bernstein notes that USDC's share in on-chain payments and wallet transfers is steadily increasing, and its share of payments in the AI Agent payment protocol x402 has exceeded 99%.Additionally, Bernstein mentioned that Circle's ARC chain has cumulatively completed 244 million testnet transactions. The ARC token pre-sale previously raised $222 million, with investors including a16z crypto, Apollo Funds, ARK Invest, and BlackRock.However, the report also points out that the CLARITY Act still needs to complete multiple legislative procedures before it takes effect, including a 60-vote threshold in the full Senate and coordination with the House version. Polymarket currently estimates its probability of passage by 2026 at approximately 62%. (The Block)
Sharplink CEO: Ethereum Treasury Firms Are Diverging from Strategy Model, Focusing More on Staking Yields
Sharplink CEO Joseph Chalom stated that Ethereum treasury companies are gradually deviating from the model of Strategy and Michael Saylor, focusing more on staking yields and a clean balance sheet rather than relying on complex financing structures.Chalom believes that Ethereum treasury companies can generate returns directly by holding ETH, thus eliminating the need for excessive leverage. He also indicated that only a few Ethereum treasury companies will be able to survive through market downturns.Furthermore, citing BlackRock CEO Larry Fink's previous views, he described Ethereum as a "tokenized toll road" and pointed out that the New York Stock Exchange and Nasdaq's push for 24-hour trading plans, DTCC's exploration of tokenized collateral, and Bullish's acquisition of Equiniti will all further drive tokenized assets into the traditional financial system.Chalom expects that as stablecoins, tokenized assets, DeFi, and AI applications continue to expand, Ethereum will gradually forge a different development path from Bitcoin in the future. (The Block)
Bitwise CIO: The GENIUS Act Opens the Floodgates for Institutional Funding, with Three Enterprise Chains Raising Over $1 Billion Combined
According to The Block, Matt Hougan, Chief Investment Officer at Bitwise, noted that three enterprise-grade blockchains—Arc (by Circle), Canton Network, and Tempo (by Stripe)—have collectively raised over $1 billion in funding recently. All three funding rounds occurred after the signing of the GENIUS Act in July 2025. Hougan believes this legislation broke a prior regulatory stalemate that had discouraged institutional capital from entering the space. Hougan identified three key signals: First, all three blockchains prioritize native privacy-preserving transactions as a core design feature, addressing institutions’ need for transaction confidentiality. Second, the implementation of the GENIUS Act has significantly reduced regulatory uncertainty; the next critical variable is the pending Clarity Act, from which stablecoins and tokenization infrastructure stand to benefit. Third, these blockchains are backed by top-tier institutions—including Goldman Sachs, Citadel, BlackRock, Stripe, and Visa—marking a stark contrast to Ethereum and Solana, which emerged from grassroots origins. Hougan stated that his firm’s capital remains primarily allocated to native crypto projects, and he believes these emerging enterprise chains will raise the overall competitive bar and attract additional capital inflows.
BNY Migrates $8.6 Trillion Transfer Agency Business to Blockchain
According to CoinDesk, the world's largest custodian bank, The Bank of New York Mellon (BNY), announced it will migrate its transfer agent core bookkeeping business to the blockchain, involving approximately $8.6 trillion in assets and 7.6 million accounts, aiming to establish a single on-chain ownership ledger and reduce reliance on multi-layer intermediaries. BNY client Baillie Gifford (managing over $261 billion) will be the first to use the service, launching the UK's first fully locally regulated tokenized fund, while BlackRock and its money market business Dreyfus also plan to follow suit. BNY stated that existing traditional systems will continue to run in parallel, with trillions of dollars in funds remaining on the traditional track in the short term.
BNY Mellon Migrates $8.6 Trillion Fund Services Transfer Agent Records to Blockchain
: BNY Mellon is migrating its core transfer agent records onto the blockchain to create a single, on-chain ownership ledger and reduce reliance on intermediaries. The initiative will initially support clients including Baillie Gifford, BlackRock, and BNY's own Dreyfus, covering the first fully native, UK-regulated tokenized fund and other planned tokenized products. BNY and other major banks are building blockchain-based infrastructure and tokenized deposit networks. The bank anticipates that legacy systems will continue to coexist for several more years amid persistent cybersecurity and smart contract risks.
BlackRock Supports CLARITY Act as Senate Legislative Window Narrows
: The world’s largest asset management company, BlackRock, has expressed support for the CLARITY Act. Samara Cohen, Senior Managing Director and Head of Global Market Development at BlackRock, stated the bill represents a significant step toward establishing an investor-first regulatory framework for digital assets. Cohen stated the bill will help shape the next phase of market structure in the US by supporting innovation while maintaining transparency, resilience, and investor protection. Fidelity, Goldman Sachs CEO David Solomon, and Charles Schwab have previously expressed support for related legislation or clearer digital asset rules. Last week, the US Senate Republicans released an updated version of the CLARITY Act, integrating work from both the Senate Banking Committee and the Agriculture Committee. Senate Majority Leader John Thune indicated that relevant Senate work could extend beyond the August recess. Crypto advocacy group Stand With Crypto stated that it has sent over 925,000 emails to Congress in 2025, exceeding 1.1 million contacts with Congress since its founding. The organization said each Senate vote on the CLARITY Act will be included in a public congressional scorecard.
Bitcoin and Ethereum ETFs see net inflows of $239 million in a single day; Japan advances crypto ETF framework
Odaily News on July 14, Bitcoin ETFs recorded net inflows of $181 million, and Ethereum ETFs recorded net inflows of $58.34 million. No outflows were observed for either Bitcoin or Ethereum ETFs on that day. BlackRock's IBIT saw net inflows of $139 million, Fidelity's FBTC posted net inflows of $21.07 million; all net inflows into Ethereum ETFs came from BlackRock's ETHA. HYPE, XRP, and Solana ETFs had no trading activity on the day. Morgan Stanley submitted a proposed amended filing for spot Ethereum and Solana ETFs, with the document covering service providers such as Coinbase Custody and staking provisions. Japanese policymakers are advancing reforms aimed at classifying crypto assets under the Financial Instruments and Exchange Act.
Visa, Stripe, Mastercard, BlackRock and other financial institutions are reportedly planning to jointly launch a stablecoin called OUSD
according to market sources, several financial and crypto institutions, including Visa, Stripe, Mastercard, BlackRock, and Coinbase, are planning to jointly launch a new stablecoin named "OUSD".The report states that the stablecoin project is expected to adopt a multi-party collaboration model and share related revenue mechanisms among the participating institutions. However, the specific structure, launch timeline, and regulatory arrangements have not yet been publicly disclosed.If the news is confirmed, it would mark a further deep integration between traditional payment giants and Wall Street asset management institutions in the stablecoin sector. The parties involved have not yet officially confirmed the reports.
Bitget adds 89 stock tokens including Walmart, BlackRock, Figma and more
Odaily reports, according to official announcements, Bitget has listed a total of 89 spot stock tokens, including rWMT (Walmart), rBAC (Bank of America), rFIG (Figma), rBLK (BlackRock), rF (Ford Motor), rAAL (American Airlines), and others.It is reported that the rTokens, identified by the letter r + stock ticker symbol (e.g., rNVDA for Nvidia), are issued by Reality, a licensed RWA protocol under Bitget. Through a partnership with the compliant broker Alpaca, they are directly connected to global liquidity pools such as Nasdaq and the NYSE. Their features include: 1:1 reserve backing of the underlying assets held by a licensed custodian; stock dividends distributed 1:1 in token form; support for synchronized mapping of corporate actions (such as stock splits and reverse splits); and the ability to use these holdings as joint margin for unified accounts and USDT-margined contracts, allowing users to flexibly manage their funds while holding global stock assets.
Yesterday, Ethereum spot ETF net inflow was $7.39 million.
According to data from Trader T (@thepfund), Ethereum spot ETFs recorded a net inflow of $7.39 million yesterday, showing a significant recovery compared to the previous day (July 29 net outflow of $18.6 million). Among them, BlackRock ETHA led with an inflow of $16.24 million, Bitwise ETHW saw an inflow of $1.37 million, 21Shares TETH an inflow of $380,000, and Morgan Stanley MSSE an inflow of $410,000; Fidelity FETH had an outflow of $2.87 million, BlackRock staked ETHB an outflow of $5.9 million, VanEck ETHV an outflow of $700,000, and Grayscale ETHE an outflow of $1.55 million, with net inflows for other products at zero for the day.
昨日比特币现货 ETF 净流入 2.3315 亿美元
According to data from Trader T (@thepfund), yesterday's Bitcoin spot ETF net inflow was $233.15 million, a significant increase compared to the previous day (July 29 net inflow of $32.1 million). Among them, BlackRock IBIT led with an inflow of $183.41 million, Bitwise BITB had an inflow of $20.74 million, Fidelity FBTC had an inflow of $15.5 million, Morgan Stanley MSBT had an inflow of $7.42 million, VanEck HODL and Grayscale Mini BTC each had an inflow of $2.29 million, Ark ARKB had an inflow of $1.5 million, and the net inflow for other products was zero for the day.
US spot Ethereum ETFs total net inflows exceed $11.23 billion; Ethereum Foundation undergoes organizational restructuring
During the 11th year of Ethereum, the Ethereum Foundation underwent organizational restructuring, including leadership departures, layoffs, the introduction of a new CROPS mandate, and the spin-off of EthLabs, Ethereum Systems, and Ethereum Institutional as independent entities. The Ethereum Foundation seeks to further decentralize its role within the ecosystem. Concurrently, Ethereum continued to advance its technology and institutional adoption, launching the Fusaka upgrade and attracting participation from Wall Street institutions such as BlackRock and JPMorgan; cumulative inflows into US spot Ethereum ETFs have exceeded $11.23 billion.
昨日以太坊现货 ETF 净流出 1860 万美元
According to data from Trader T (@thepfund), Ethereum spot ETFs saw a net outflow of $18.6 million yesterday. Breaking down by product, Morgan Stanley's new product MSSE recorded a net inflow of $14.3 million on its first day, and BlackRock's ETHA had a net inflow of $5.2 million; Fidelity's FETH saw a net outflow of $16.1 million, Grayscale's ETHE had a net outflow of $9.7 million, Grayscale Mini ETH had a net outflow of $8.1 million, 21Shares' TETH had a net outflow of $2.8 million, and Bitwise's ETHW had a net outflow of $1.4 million.
昨日比特币现货 ETF 净流入 3210 万美元
据 Trader T（@thepfund）数据，昨日比特币现货 ETF 净流入 3210 万美元。分产品来看，贝莱德（BlackRock）旗下 IBIT 净流入 8980 万美元，为当日最大买入方；富达（Fidelity）旗下 FBTC 净流出 4308 万美元；方舟（Ark）旗下 ARKB 净流出 1462 万美元；Bitwise、Invesco、Franklin、Valkyrie、VanEck、Morgan Stanley、WisdomTree及 Grayscale 旗下各产品当日净流量均为零。
Meta posts record revenue, but AI costs drag down stock price
Meta Platforms (META.O) posted record revenue in the second fiscal quarter, but updates on its AI spending plan sparked investor concerns about the costs of building its infrastructure. Meta slightly raised the lower end of its annual capital expenditure guidance from $125 billion to $130 billion, while keeping the upper end unchanged at $145 billion. Its second-quarter revenue was $60.8 billion, up 28% year-over-year, but net profit was $15.8 billion, below analyst expectations. As a result, Meta's stock fell over 6% in after-hours trading. In an effort to catch up in the AI race, Meta has already invested tens of billions of dollars in chip procurement, data center construction, and top talent recruitment. Recently, it partnered with BlackRock to raise at least $12 billion to build a data center in Texas. Meta's free cash flow in the second quarter was $784 million. (Jin Shi)
US spot Ethereum ETFs total net inflows exceed $11.23 billion; Ethereum Foundation undergoes organizational restructuring
During the 11th year of Ethereum, the Ethereum Foundation underwent organizational restructuring, including leadership departures, layoffs, the introduction of a new CROPS mandate, and the spin-off of EthLabs, Ethereum Systems, and Ethereum Institutional as independent entities. The Ethereum Foundation seeks to further decentralize its role within the ecosystem. Concurrently, Ethereum continued to advance its technology and institutional adoption, launching the Fusaka upgrade and attracting participation from Wall Street institutions such as BlackRock and JPMorgan; cumulative inflows into US spot Ethereum ETFs have exceeded $11.23 billion.
Meta posts record revenue, but AI costs drag down stock price
Meta Platforms (META.O) posted record revenue in the second fiscal quarter, but updates on its AI spending plan sparked investor concerns about the costs of building its infrastructure. Meta slightly raised the lower end of its annual capital expenditure guidance from $125 billion to $130 billion, while keeping the upper end unchanged at $145 billion. Its second-quarter revenue was $60.8 billion, up 28% year-over-year, but net profit was $15.8 billion, below analyst expectations. As a result, Meta's stock fell over 6% in after-hours trading. In an effort to catch up in the AI race, Meta has already invested tens of billions of dollars in chip procurement, data center construction, and top talent recruitment. Recently, it partnered with BlackRock to raise at least $12 billion to build a data center in Texas. Meta's free cash flow in the second quarter was $784 million. (Jin Shi)
BNY Mellon Migrates $8.6 Trillion Fund Services Transfer Agent Records to Blockchain
: BNY Mellon is migrating its core transfer agent records onto the blockchain to create a single, on-chain ownership ledger and reduce reliance on intermediaries. The initiative will initially support clients including Baillie Gifford, BlackRock, and BNY's own Dreyfus, covering the first fully native, UK-regulated tokenized fund and other planned tokenized products. BNY and other major banks are building blockchain-based infrastructure and tokenized deposit networks. The bank anticipates that legacy systems will continue to coexist for several more years amid persistent cybersecurity and smart contract risks.
BlackRock Supports CLARITY Act as Senate Legislative Window Narrows
: The world’s largest asset management company, BlackRock, has expressed support for the CLARITY Act. Samara Cohen, Senior Managing Director and Head of Global Market Development at BlackRock, stated the bill represents a significant step toward establishing an investor-first regulatory framework for digital assets. Cohen stated the bill will help shape the next phase of market structure in the US by supporting innovation while maintaining transparency, resilience, and investor protection. Fidelity, Goldman Sachs CEO David Solomon, and Charles Schwab have previously expressed support for related legislation or clearer digital asset rules. Last week, the US Senate Republicans released an updated version of the CLARITY Act, integrating work from both the Senate Banking Committee and the Agriculture Committee. Senate Majority Leader John Thune indicated that relevant Senate work could extend beyond the August recess. Crypto advocacy group Stand With Crypto stated that it has sent over 925,000 emails to Congress in 2025, exceeding 1.1 million contacts with Congress since its founding. The organization said each Senate vote on the CLARITY Act will be included in a public congressional scorecard.
贝莱德牵头至少 120 亿美元债务融资，支持 Meta 得州大型数据中心项目
According to people familiar with the matter cited by The Wall Street Journal, BlackRock is leading a debt financing deal of at least $12 billion to fund a large-scale data center project in El Paso, Texas, jointly supported by BlackRock and Meta Platforms.
BlackRock Outlines Blueprint for Crypto and Traditional Finance Integration, Digital Asset AUM Drops to $49 Billion
According to The Block, BlackRock CFO Martin Small disclosed during the Q2 earnings conference call that the company's digital asset assets under management (AUM) fell to $49 billion, down approximately 40% from a year ago, primarily weighed down by the price correction of BTC and ETH. Despite this, BlackRock's long-term strategy in the blockchain and tokenization sector has not contracted. Small stated that the company's long-term goal is to enable investors to "efficiently allocate crypto assets, stablecoins, and long-term equity and bond assets without leaving their digital wallets," and plans to gradually launch tokenized Treasury funds, iShares ETFs, and private market products. Specific progress includes: • Tokenized Money Market Funds: Two product applications have been submitted to the SEC, supporting investors to subscribe and redeem with stablecoins across multiple chains • Stablecoin Reserve Management: Currently manages approximately $60 billion of Circle's reserve assets, accounting for about one-quarter of the global $300 billion stablecoin market, aiming to become the industry's preferred reserve manager • Bitcoin ETF: Its iShares Bitcoin Trust ETF (IBIT) has an AUM of approximately $60 billion, making it the largest spot Bitcoin ETF globally • New Products: Launched the iShares Bitcoin Premium Income ETF (BITA) last month, providing Bitcoin exposure and comes with
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Yesterday, Ethereum spot ETF net inflow was $7.39 million.
According to data from Trader T (@thepfund), Ethereum spot ETFs recorded a net inflow of $7.39 million yesterday, showing a significant recovery compared to the previous day (July 29 net outflow of $18.6 million). Among them, BlackRock ETHA led with an inflow of $16.24 million, Bitwise ETHW saw an inflow of $1.37 million, 21Shares TETH an inflow of $380,000, and Morgan Stanley MSSE an inflow of $410,000; Fidelity FETH had an outflow of $2.87 million, BlackRock staked ETHB an outflow of $5.9 million, VanEck ETHV an outflow of $700,000, and Grayscale ETHE an outflow of $1.55 million, with net inflows for other products at zero for the day.
昨日比特币现货 ETF 净流入 2.3315 亿美元
According to data from Trader T (@thepfund), yesterday's Bitcoin spot ETF net inflow was $233.15 million, a significant increase compared to the previous day (July 29 net inflow of $32.1 million). Among them, BlackRock IBIT led with an inflow of $183.41 million, Bitwise BITB had an inflow of $20.74 million, Fidelity FBTC had an inflow of $15.5 million, Morgan Stanley MSBT had an inflow of $7.42 million, VanEck HODL and Grayscale Mini BTC each had an inflow of $2.29 million, Ark ARKB had an inflow of $1.5 million, and the net inflow for other products was zero for the day.
US spot Ethereum ETFs total net inflows exceed $11.23 billion; Ethereum Foundation undergoes organizational restructuring
During the 11th year of Ethereum, the Ethereum Foundation underwent organizational restructuring, including leadership departures, layoffs, the introduction of a new CROPS mandate, and the spin-off of EthLabs, Ethereum Systems, and Ethereum Institutional as independent entities. The Ethereum Foundation seeks to further decentralize its role within the ecosystem. Concurrently, Ethereum continued to advance its technology and institutional adoption, launching the Fusaka upgrade and attracting participation from Wall Street institutions such as BlackRock and JPMorgan; cumulative inflows into US spot Ethereum ETFs have exceeded $11.23 billion.
昨日以太坊现货 ETF 净流出 1860 万美元
According to data from Trader T (@thepfund), Ethereum spot ETFs saw a net outflow of $18.6 million yesterday. Breaking down by product, Morgan Stanley's new product MSSE recorded a net inflow of $14.3 million on its first day, and BlackRock's ETHA had a net inflow of $5.2 million; Fidelity's FETH saw a net outflow of $16.1 million, Grayscale's ETHE had a net outflow of $9.7 million, Grayscale Mini ETH had a net outflow of $8.1 million, 21Shares' TETH had a net outflow of $2.8 million, and Bitwise's ETHW had a net outflow of $1.4 million.
昨日比特币现货 ETF 净流入 3210 万美元
据 Trader T（@thepfund）数据，昨日比特币现货 ETF 净流入 3210 万美元。分产品来看，贝莱德（BlackRock）旗下 IBIT 净流入 8980 万美元，为当日最大买入方；富达（Fidelity）旗下 FBTC 净流出 4308 万美元；方舟（Ark）旗下 ARKB 净流出 1462 万美元；Bitwise、Invesco、Franklin、Valkyrie、VanEck、Morgan Stanley、WisdomTree及 Grayscale 旗下各产品当日净流量均为零。
Zuckerberg Predicts: Billions of People Will Have Personal AI Agents in the Next Five Years
According to TechCrunch, Meta founder and CEO Mark Zuckerberg stated during the July 29 quarterly earnings conference call that within the next five years, billions of people will possess personal AI agents capable of representing users to achieve goals around the clock, with application scenarios covering finance, health, interpersonal relationships, and family management. He also noted that messaging platforms such as WhatsApp will play an increasingly important role in the era of multi-agent interaction. Currently, Meta's enterprise AI agents have been adopted by over one million businesses on WhatsApp and Messenger. However, Meta's free cash flow for this quarter was only $784 million, a sharp 91% decline from $8.55 billion in the same period last year, primarily dragged down by AI infrastructure investments; Meta's stock price also fell nearly 10% following the earnings report. Additionally, Meta's Reality Labs incurred a loss of approximately $4.6 billion this quarter, with cumulative losses reaching about $88 billion since 2021. This week, Meta announced a partnership with BlackRock to jointly build a data center costing $14 billion in El Paso, Texas.