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Odaily News In a recent interview on Cointelegraph's program Chain Reaction, Lucas Sum, Head of Stock Market Development at Gate, stated that crypto and stocks are quietly converging and increasingly becoming part of the same macro trade. He pointed out that the correlation between the crypto market and the Nasdaq index is currently higher than the five-year average, with the correlation coefficient once exceeding 0.8. Market sentiment is generally cautious at present, with more funds staying in low-risk assets such as stablecoins, as investors await clearer catalysts.Lucas Sum believes that the core narrative of the next market cycle may no longer be "crypto vs. Wall Street," but rather traditional financial assets accelerating their entry into the digital financial system through on-chain infrastructure. The scale of RWA has grown from approximately $12 billion a year ago to over $30 billion, while the scale of tokenized U.S. Treasury bonds has also reached approximately $15 billion, indicating that on-chain financial infrastructure continues to expand. Meanwhile, macro liquidity, real yields, and regulatory clarity remain key factors influencing the performance of risk assets. Against this backdrop, investors' focus is shifting from single-asset allocation to coordinated allocation across multiple asset classes. Lucas Sum noted that Gate is continuously expanding its stock business, currently covering U.S., Hong Kong, and Korean stock markets, with plans to extend further into more global markets to provide the necessary infrastructure for multi-asset investment.
Odaily News: In an interview with CNBC's "Squawk Box," former White House Senior Advisor for Artificial Intelligence Policy, Sriram Krishnan, stated that a wave of cybersecurity startups leveraging AI to fight AI will emerge in the future.As AI model capabilities rapidly advance, especially with the increasing risk of "rogue AI models" capable of autonomous operation, the cybersecurity landscape will require new defense systems, including using AI technology to identify, monitor, and block AI-driven attacks in real time.Sriram Krishnan believes that the future of cybersecurity competition will evolve into an "AI offensive-defensive battle." Attackers may use AI to automatically discover vulnerabilities and launch attacks, while defenders must also rely on AI to enhance threat detection and response capabilities. This will create opportunities for a new generation of cybersecurity startups.During the interview, Krishnan also discussed topics such as the competitive landscape of the AI industry, Nvidia's $500 billion financing plan, and the global AI arms race. He pointed out that as investment in AI infrastructure continues to expand, computing power, model security, and network protection will become key components of the AI ecosystem.
the National Venture Capital Association (NVCA) and PitchBook recently released the "Venture Monitor" report, noting that after SpaceX's listing and the potential IPOs of Anthropic and OpenAI, the combined value generated by these three companies will reach an unprecedented level. The report states: "With SpaceX going public, combined with the future exits of these companies, the value created will surpass the total exit value of all US VC-backed companies since 2000." The core factor lies in the extremely high valuation expectations of these three companies.SpaceX is currently valued at approximately $1.77 trillion, while Anthropic and OpenAI are also moving towards multi-trillion-dollar enterprise valuations. The market estimates that the combined valuation of the three companies could exceed $4 trillion. This scale far surpasses past large-scale tech IPOs. Data from the U.S. Securities and Exchange Commission (SEC) shows that total US IPO fundraising last year was about $70 billion, whereas SpaceX's single-company valuation has already reached a level that traditional large-scale IPOs find hard to match. As a once-highly-watched tech IPO case, Uber was valued at around $84 billion when it went public in 2019, which is less than 5% of SpaceX's current valuation.However, the comparison by NVCA and PitchBook is based on "enterprise value created," not the actual cash-out amounts for investors. Additionally, the analysis does not include non-US companies like Alibaba. Furthermore, the value created by already-public companies such as Apple, Google Android, YouTube, and Instagram is not counted in the VC exit statistics.The report points out that over the past 25 years, the US tech market has seen several historic IPOs, including Google in 2004, Tesla in 2010, and Meta in 2012. These companies have since become some of the world's most valuable enterprises. Additionally, companies like LinkedIn, Slack, and WhatsApp were acquired for over $20 billion.The NVCA believes that the current IPO cycle driven by artificial intelligence (AI) could further break these records. The analysis suggests two main reasons driving this trend:First, tech companies are staying private for longer periods than in the past, accumulating higher valuations through prolonged financing and business expansion. If today's Google were in its early stages, it might also choose to go public later to achieve a higher market valuation.Second, the AI industry is highly capital-intensive. Training large AI models requires massive investment, pushing AI companies to continuously raise substantial funds and driving rapid valuation growth.Industry insiders believe that the potential scale of IPOs by SpaceX, Anthropic, and OpenAI will test the capacity of the US capital market. As AI companies transition from the private financing stage to the public market, how trillions of dollars in tech assets flow into the stock market will become a focus for investors. (DigitalToday)
According to BitcoinTreasuries data, South Korean listed company K Wave Media (KWM) has sold all of its remaining 88 BTC to repay $6 million in debt. Following the sale, the company's Bitcoin holdings have dropped to zero, exiting the ranks of Bitcoin treasury companies.K Wave Media announced last year that it had secured a $1 billion Bitcoin treasury financing capacity and planned to expand its Bitcoin holdings to 10,000 BTC as soon as possible. However, in May this year, the company redirected up to $485 million of its remaining financing capacity from the Bitcoin treasury strategy to AI infrastructure construction, including data centers, GPU computing power, and related acquisitions.
according to market sources, data shows that U.S. IPO and stock issuance reached a record high in the first half of 2026, with total financing amounting to $251 billion. SpaceX's record-breaking listing was one of the main drivers. Investment bankers expect a stronger IPO pipeline in the third quarter, with AI-related companies serving as the core driving force. Multiple heavyweight companies, including Anthropic, are still expected to push forward with their listing processes. The market generally believes that AI capital expenditure and the high-valuation environment for tech stocks are jointly supporting the continuation of this IPO boom cycle.
Strive Chief Investment Officer Ben Werkman stated that if Bitcoin prices remain low for an extended period, it will increase pressure on Bitcoin treasury companies that rely on convertible bond financing. Some companies may be forced to sell BTC to maintain operations or repay debt, potentially triggering mergers and acquisitions, asset sales, and restructuring. Werkman noted that Strive has chosen to finance solely through equity to avoid the pressures of convertible bonds, and has already acquired peer company Semler Scientific as an example of industry consolidation. He pointed out that some companies are proactively reducing debt and adjusting their balance sheets, and expects more mergers, acquisitions, and structural adjustments in the future to cope with sustained market weakness and conservative treatment of Bitcoin asset values by rating agencies. (Theblock)
Morgan Stanley Global Head of Technology M&A Wally Cheng said that as companies race to fill technological gaps in areas such as chips, electricity, networking, and infrastructure, mergers and acquisitions in the artificial intelligence field are covering all sizes and expanding across multiple industries. Cheng stated: "I believe transaction activity will cover the full spectrum, including both private and public companies." While the semiconductors providing computing power for AI have attracted attention due to their "technological miracle" attributes, the infrastructure surrounding these chips also holds significant value, including areas such as networking, storage, electricity, and real estate. Cheng said that valuations in the AI industry remain "very difficult" because a balance must be struck between "imaginative unicorns with rainbow-like prospects" and actual execution risks. Evercore Senior Managing Director of Technology Investment Banking Tammy Kiely echoed similar views. She said potential acquirers must assess the potential value they themselves can create while weighing the cost of missing out on opportunities. (Jinshi)
According to CoinDesk, K Wave Media (KWM), a South Korean media company listed on Nasdaq, disclosed to the U.S. Securities and Exchange Commission (SEC) that it would redirect its $485 million financing facility—originally earmarked for Bitcoin purchases—toward investments in AI infrastructure, including data centers, GPU compute operations, and related acquisitions. The funding stems from a revised agreement with Anson Funds, a structured equity financing firm. The company had originally established a $500 million financing facility in June 2025, exclusively for Bitcoin purchases. Less than one year later, it announced abandoning this strategy in favor of betting on the AI sector and plans to rename itself “Talivar Technologies,” pending approval at its shareholders’ meeting scheduled for early July. Following the announcement, KWM’s stock closed down 24% on Monday and fell another 4% pre-market on Tuesday.