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Bitcoin tops $64,000 after Trump endorses crypto, lifting MSTR, COIN, HOOD
Edgen Stock·Jul 06 2026, 23:32Share to
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[1] U.S. Stocks to Watch This Week As Trump Endorses Crypto and Bitcoin (https://coingape.com/markets/u-s-stocks-to-wa ...)[2] Bitcoin rebounds after Trump says he's become 'a big crypto guy' (https://www.msn.com/en-us/money/markets/bitco ...)[3] President Trump Signals Openness to Bitcoin in Trump Accounts, Calls Himself 'a Big Fan of Crypto' (https://bitcoinmagazine.com/news/president-tr ...)[4] Trump Defends Crypto Fortune, Says Bitcoin Shouldn't Be Taxed Like Stocks (https://beincrypto.com/trump-defends-crypto-f ...)
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Jul 18 2026, 02:27
China's 18 fund managers seek approval for active stock ETFs
China's fund industry is on the cusp of its biggest product innovation in five years as 18 managers apply to launch actively managed stock ETFs. China's fund industry is set to blur the line between active and passive investing after 18 asset managers submitted applications July 17 for the first batch of actively managed stock ETFs, a product structure that combines daily portfolio transparency with zero subscription fees. "Active ETFs represent the most significant structural innovation in China's fund industry since the launch of index ETFs," said a fund industry executive familiar with the product design, speaking on condition of anonymity because the applications are under regulatory review. The 18 applications, evenly split between the Shanghai and Shenzhen stock exchanges, include filings from E Fund, China Asset Management, Fullgoal, Harvest, Southern, Penghua, ICBC Credit Suisse and 11 other managers. Nine products target value, balanced or dividend strategies, while two — Yongying's Jingqi Strategy and E Fund's Quality Future — lean toward growth. All received "material received" status from the China Securities Regulatory Commission on the same day. The product's success could redirect billions of yuan in retail fund flows from traditional over-the-counter mutual funds to exchange-listed products, reshaping a multi-trillion-yuan industry. Under the new framework, managers must disclose their full portfolio daily before market open and publish intraday net asset values, a transparency requirement that marks a sharp departure from the quarterly disclosure typical of conventional active funds. The innovation addresses two long-standing pain points for Chinese retail investors. First, top-performing active funds frequently close to new subscriptions after strong runs, locking out latecomers. Active ETFs, by trading on exchanges, remain accessible regardless of subscription status. Second, the exchange-traded structure eliminates subscription and redemption fees — which can reach 1.5% for traditional funds — replacing them with brokerage commissions typically around 0.06%. **A Test of Manager Discipline** The daily disclosure requirement introduces a new challenge for fund managers accustomed to operating behind opaque portfolio walls. High-turnover strategies, common among China's active managers, could generate elevated trading costs and create arbitrage opportunities for sophisticated market participants monitoring the published holdings. "The success of active ETFs will depend on whether managers can adapt their investment processes to a daily-disclosure environment," said the executive. "Those with low-to-moderate turnover and clear style discipline are best positioned." The CSRC's approval timeline remains undisclosed, but industry participants expect the first products to reach the market within three to six months, pending the standard inquiry-and-response review process. The launch would follow similar product expansions in the U.S., where active ETFs have captured more than $500 billion in assets under management, according to Morningstar data. For China's fund industry, the stakes are high. Total ETF assets under management have grown rapidly but the pace of inflows has decelerated in recent quarters. Active ETFs offer a potential driver to rekindle investor interest — provided the products deliver on their promise of manager skill combined with ETF efficiency. *This article is for informational purposes only and does not constitute investment advice.*
Jul 18 2026, 02:08
BitGo investors have until Aug 7 to lead securities class action
BitGo Holdings faces a securities class action alleging its January IPO documents misled investors about the risk of falling crypto prices. "The IPO documents understated the scope and severity of the risk that declining digital asset prices posed to BitGo's business," the complaint filed by Pomerantz LLP said. BitGo sold 11.8 million shares at $18 each in its Jan 22 IPO, raising $187.6 million. On March 26, the company reported a net loss of $14.8 million for 2025, reversing a $156.6 million profit in 2024. The stock fell 15.7 percent to $7.67. On May 13, BitGo posted a $60.7 million net loss for the first quarter, and shares dropped another 17.2 percent. The lawsuit covers investors who bought BitGo shares in the IPO or between Jan 22, 2025 and May 13, 2026. Investors have until Aug 7 to seek lead plaintiff status. The stock closed at $9.86 on May 14, 45 percent below the $18 IPO price. The complaint alleges violations of Sections 11 and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. BitGo operates as a digital asset infrastructure platform offering custody, trading and staking services, with revenue tied to crypto market conditions. The company reports revenue in two main segments: Digital Asset Sales, derived from trading volume, and Staking, which generates rewards from blockchain protocols. BitGo's March 26 earnings call revealed a quarterly margin of 0.21 percent in Digital Asset Sales, down from 0.47 percent a year earlier. The company attributed the decline to a challenging macroeconomic environment and declining digital asset prices. The lawsuit was filed in the United States District Court for the Eastern District of New York under docket 26-cv-03428. Rosen Law Firm also reminded investors of the Aug 7 lead plaintiff deadline in a separate notice. BitGo, which trades on the New York Stock Exchange under ticker BTGO, went public as one of the first crypto custody firms to list via a traditional IPO. The complaint specifically alleges that the registration statement and prospectus filed with the SEC contained untrue statements of material fact and failed to disclose information required by securities regulations. The Offering Documents were negligently prepared and not in accordance with governing rules, the lawsuit claims. BitGo's financial performance is closely tied to digital asset prices, which have experienced significant volatility since the company's IPO. The company's Bitcoin treasury and trading revenue both face direct exposure to market downturns, a risk the lawsuit says was not adequately disclosed to investors. The lawsuit adds legal overhang to a stock trading well below its IPO price. BitGo's next quarterly report, due in August, will test whether the company can stabilize revenue as digital asset markets remain volatile. This article is for informational purposes only and does not constitute investment advice.
Jul 18 2026, 02:07
WAICA launches with 20% acceptance rate as China builds rival AI platform
**China's first independently organized top-tier AI academic conference accepted 57 of 282 submissions in its inaugural edition, with Turing Award laureates chairing a review process designed to challenge Western-dominated publishing norms.** China opened its first independently organized top-tier AI academic conference in Shanghai on July 18, accepting 57 papers from 282 submissions at a 20% rate, with Turing Award winners Andrew Chi-Chih Yao and Richard Sutton chairing a review system built to address what organizers call systemic failures in existing venues. "Science knows no borders, and academia should return to its essence of openness, fairness, and freedom, free from interference by any external factors," the conference organizers said in a statement, framing WAICA as a response to what they described as biased review practices and barriers to entry for researchers outside elite institutions. The 57 accepted papers span authors from 12 countries including Princeton, Cambridge, Imperial College London, and Nanyang Technological University, alongside Tsinghua, Peking, and Shanghai Jiao Tong universities. One first author is from Wuhan Polytechnic University — a non-elite institution — which organizers cited as evidence of the "quality-only" review principle. All proceedings are published by Springer Nature and indexed by Scopus, EI Compendex, and Google Scholar. WAICA's launch comes as China seeks to establish independent academic infrastructure for AI research, reducing reliance on Western conferences where Chinese researchers have faced growing scrutiny. The conference's "AI-native" submission system — supporting video, audio, and interactive demonstrations — and its three-dimensional review mechanism combining AI screening with open Program Committee commentary represent structural innovations that existing top-tier venues have not adopted. **The Review Mechanism Targets Documented Flaws** WAICA's review process departs from the double-blind anonymous model used by conferences such as NeurIPS and ICML. In the preliminary screening stage, a locally deployed AI system checks submissions for format compliance, data reliability, and logical consistency — a response to what the China Computer Federation, which co-hosts WAICA, described as "inaccurate review, difficulty in reproduction, and a narrowing upward path for young scholars." After screening, all reviews are conducted by Program Committee members rather than the volunteer reviewer pools that top conferences increasingly rely on as submission volumes surge. During the rebuttal phase, every paper is opened to all PC members for commentary, allowing collective scrutiny beyond the original reviewer pair. The conference's dedicated submission system parses uploaded PDFs into a format that supports embedded video, audio, and interactive demonstrations at original image positions — a design tailored for multi-modal AI and embodied intelligence research that traditional PDF-only formats cannot accommodate. **Industry Recognition Bridges Academia and Commerce** A group of Chinese technology companies including Tencent, SenseTime, Xiaohongshu, Lightelligence, MiniMax, and Parallel Technology have agreed to treat WAICA-accepted papers as equivalent to CCF Class A publications for campus recruitment and internship hiring — giving student first authors the same bonus point recognition as top-tier Western conference publications. All student first authors presenting at the conference receive a Student Travel Grant. Tencent will issue research bonuses to winners of the Best Student Paper Award and its nomination. The conference is also linked with Shanghai's "Hundred Groups and Hundred Projects" scientific initiative, opening provincial and ministerial-level research project applications for authors of outstanding papers. Future plans include a unified algorithm verification platform that would run submitted code to reproduce results, and a "short paper plus runnable code" publication format designed to shift emphasis from paper length to verifiable contribution. **The Competitive Landscape** WAICA enters a field dominated by NeurIPS, ICML, and ICLR — conferences that together attracted more than 30,000 submissions in 2025 and whose acceptance rates have fallen below 25% as AI research output explodes. These venues have faced criticism for reviewer shortages, inconsistent quality, and bias against non-English-speaking researchers. China's alternative offers a structurally different model: AI-assisted screening, mandatory PC-level review, open commentary, and multimedia-native publication. The conference's 20% acceptance rate places it within the range of established top-tier venues. Its ability to attract submissions from Princeton, Cambridge, and Imperial College London in year one suggests sufficient credibility to compete for high-quality work. The participation of Sutton — whose temporal difference learning and Q-learning algorithms underpin modern reinforcement learning — as international co-chair provides a signal of legitimacy that no amount of Chinese institutional backing alone could achieve. For investors tracking the AI ecosystem, WAICA's emergence has indirect but material implications. Chinese AI companies including MiniMax, SenseTime, and Alibaba gain a domestic venue for publishing frontier research without navigating Western review processes. The conference's emphasis on verifiable code and reproducible results could pressure existing venues to adopt similar standards. And the alignment between WAICA and the broader WAIC conference — which opened July 17 with 300 product debuts and Xi Jinping's keynote address — positions Shanghai as a dual hub for both AI commerce and academic discourse. Tencent, SenseTime, and MiniMax — all of which exhibited at WAIC's main floor — now have a direct pipeline from academic publication to recruitment and product development. The question for Western AI companies is whether WAICA's model of AI-native review and open verification becomes a competitive standard that NeurIPS and ICML must match. This article is for informational purposes only and does not constitute investment advice.