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SBI Holdings acquires Bitbank for $289 million, creating Japan's largest cryptocurrency exchange; bipartisan U.S. senators urge CFTC to investigate Polymarket's "deceptive marketing."

According to BBX data, last weekend Japan's largest financial group completed the most important cryptocurrency acquisition, and U.S. bipartisan senators launched a new regulatory offensive against prediction market platforms. The core developments are as follows:SBI Holdings, Inc. (Tokyo Stock Exchange: 8473) announced the acquisition of the Japanese cryptocurrency exchange Bitbank (privately held) for approximately $289 million. After the transaction is completed, SBI's cryptocurrency business will surpass all competitors, creating Japan's largest cryptocurrency exchange. SBI Holdings is one of Japan's largest independent financial services groups, already owning cryptocurrency-friendly network bank SBI Shinsei Bank, cryptocurrency asset custodian SBI Digital Asset Holdings, and multiple Bitcoin mining and cryptocurrency venture capital investments. Bitbank is one of Japan's largest spot BTC exchanges and holds an official cryptocurrency exchange license from the Financial Services Agency (FSA) of Japan. This acquisition marks a shift for traditional Japanese financial institutions from "strategic trial" in the cryptocurrency sector to "scale acquisition dominance," alongside the joint stablecoin plan of the three major banks: Mitsubishi UFJ ($MUFG), Sumitomo Mitsui ($SMFG), and Mizuho ($MFG) (targeting March 2027), forming the most intensive wave of cryptocurrency layout in Japan's financial industry by 2026.U.S. Senators John Curtis (Republican, Utah) and Adam Schiff (Democrat, California) reported on June 28 that they jointly sent a letter to the CFTC, urging it to conduct a formal investigation into the prediction market platform Polymarket (privately held), citing a "concerning" investigative report regarding Polymarket's "deceptive marketing" practices, which accused it of systematic misleading in user acquisition and risk disclosure. This is the third regulatory offensive against prediction market platforms initiated by Congress this year (previously, the House Oversight Committee launched an insider trading investigation on May 22); the two senators come from different parties, which is significant. For Robinhood Markets, Inc. (NASDAQ: $HOOD), this investigation poses indirect pressure—Robinhood's prediction market/event contract business (which achieved a record daily trading volume in June) faces the same regulatory qualitative disputes as Polymarket; however, Robinhood's defensive advantage lies in its ongoing application for a CFTC Designated Contract Market (DCM) license, providing a clearer compliance path compared to Polymarket.

StableStock launches leveraged spot trading feature, supporting stablecoin trading for over 700 global assets, with a maximum leverage of approximately 10 times

StableStock officially launched its leveraged spot trading feature today. Users can now directly use stablecoins to conduct leveraged spot trading on global market targets, accessing the real stock market through stablecoins.Leveraged spot trading supports zero interest for intraday trading: positions opened and closed before the end of the day's after-hours session do not incur interest, with only the overnight portion subject to interest calculation according to the rules, effectively reducing the holding costs for active traders. This covers major global markets, allowing for leveraged trading on over 700 targets, with a maximum leverage of about 10 times, including SK Hynix, Samsung Electronics, Zhizhu, and many popular US stocks; in addition to individual stocks, several short (inverse) ETFs are also included, providing options on both long and short sides.StableStock CEO Zixi stated: "Leveraged spot trading further connects stablecoin settlement with the real stock market, marking another step for stablecoins from being a settlement tool to becoming an entry point for real asset trading."Users must complete identity verification (KYC) and transfer funds to the leveraged account before use; interest calculation, forced liquidation, and other details are subject to the product page. Leveraged trading will amplify both gains and losses, so please use it cautiously.StableStock is supported by institutions such as YZi Labs, MPCi (Matrix Partners China), and Vertex Ventures, and currently supports trading on approximately 1,400+ global stock targets, with plans to continue expanding into more markets and categories.

Galaxy CEO: Strategy stocks and preferred securities have become key indicators for measuring Bitcoin market risk

According to a report by crypto.news, Galaxy Digital CEO Mike Novogratz stated that the core reason for Bitcoin's recent decline is the "collapse of confidence triggered by Strategy." The issue lies not only in the price of Bitcoin itself but also in the growing concerns in the market regarding Strategy's financing model.As the largest publicly traded holder of Bitcoin globally, Strategy's stock and preferred securities have become key indicators for traders to measure Bitcoin market risk. Previously, the company's Bitcoin flywheel effect had come under pressure, with stock trading prices dipping below the value of its Bitcoin holdings, indicating that its long-reliant "premium stock issuance to repurchase Bitcoin" model is being challenged. Novogratz bluntly stated that STRC trading is weak, which should have been maintained around $100. Currently, Strategy's annual dividend obligation has risen to about $1.2 billion, and a decline in cash reserves has reduced the dividend coverage period to only about 14 months.Bitcoin is also facing pressure on a macro level. Novogratz summarized the current market logic as "a strong dollar means a weak Bitcoin," with hawkish central bank signals and a strengthening dollar suppressing demand for risk assets. From a technical perspective, the $59,000 to $60,000 range for Bitcoin has become a critical defense line, and if it breaks down, the downward space could open up to $45,000.Novogratz also admitted that the current situation is complex, with a 50-50 probability of a rebound or a deep correction. Outflows from ETF funds, weak liquidity, and cautious positioning in the options market further confirm the fragile market sentiment. Now, the health of Strategy's balance sheet, the performance of STRC prices, and cash positions have evolved from being company-level issues to becoming confidence signals for the overall Bitcoin market.

ForeGate releases the "ForeGate 2026 World Cup Winning Guide" research report, in collaboration with OneBullEx, supported by Michael Owen, OKX, and others

According to official news, the ForeGate supercomputing database, in collaboration with football legend Michael Owen, OneBullEx, OKX, and WEEX, has officially released the "ForeGate 2026 World Cup Winning Guide" match research report.This report focuses on the progress of the 2026 World Cup schedule in the US, Canada, and Mexico, conducting a systematic analysis of the qualification probabilities, advancement paths, championship probabilities, win-draw-loss trends, and betting tendencies of the 48 participating teams. The report combines the ForeGate AI prediction model with OKX data path simulations and continuously updates based on real-time match results, team conditions, and potential matchup changes. Currently, the comprehensive prediction accuracy of the related models has reached 93.8%, demonstrating strong data analysis capabilities in aspects such as match result response, point calibration, and advancement path judgment.ForeGate stated that during the World Cup, it will continuously update prediction content based on match results, team conditions, and model simulation results to help users understand the probabilistic logic behind schedule changes. Meanwhile, the ForeGate World Cup million-dollar prediction event is also in full swing, where users can participate in match predictions to share in the million-dollar rewards.As the World Cup schedule continues to progress, OneBullEx will combine the match data and related content from the report to keep a close eye on the dynamics of the matches, further enriching community participation and match discussions during the World Cup, providing users with more reference perspectives for observing match trends.

Chan Mo-po: Hong Kong is the "super converter" for mainland enterprises going overseas

According to Xinhua News Agency, the Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, stated in a blog post on the 28th that Hong Kong is not only an important channel for attracting investment but also a "key link" for mainland enterprises and products to go international, as well as a "converter" for standards and regulations between technological innovation and the international market.Paul Chan indicated that under the national "dual circulation" development strategy, Hong Kong's internationalization advantages can effectively assist mainland enterprises in connecting with global markets. The mainland's outstanding scientific and technological innovation capabilities can efficiently interact with Hong Kong's internationalization advantages, helping enterprises convert research and development results into overseas orders.At the same time, Hong Kong can introduce international long-term capital for hard technology enterprises that require "patient capital," achieving "small, early, and long-term investments" to support the growth of promising technology companies and emerging and future industries. In addition, the developing Northern Metropolis of Hong Kong aligns well with the strong entrepreneurial atmosphere in places like Xi'an, creating a positive cycle of mutual empowerment among education, technology, talent, and industry.
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