business

According to a report by Reuters, influenced by multiple factors such as the tense Sino-U.S. relations, China's push for domestic software alternatives, and U.S. export controls, Microsoft has closed at least 15 branches and joint ventures in China over the past five years, executing a strategic contraction. In 2023, the company internally considered exiting the Chinese market, as some executives believed that "the geopolitical risks outweighed the limited economic returns," but ultimately did not proceed with the exit. Microsoft disclosed in 2024 that its business in China accounted for only about 1.5% of its global revenue.The report states that Microsoft's final decision to remain in China was primarily due to the establishment of a profitable path—providing Azure cloud and AI services to Chinese companies like ByteDance and Shein, helping them operate compliantly in overseas markets. Additionally, the company believes that retaining its business in China remains strategically significant for acquiring engineering talent. However, analysts question the sustainability of this AI business model: the service relies on third-party models like OpenAI, and Chinese companies are increasingly adopting domestic alternatives like Kimi, which offer comparable performance at lower costs.Microsoft's research and development presence in China is also contracting. Its predecessor, Microsoft Research Asia, has successively established new labs in Vancouver, Singapore, and Tokyo. In 2024, the company offered job opportunities to 1,000 top engineers to relocate to the U.S. and three other countries, but only about one-third accepted, with most senior engineers moving to domestic universities and tech companies. A Microsoft spokesperson responded that the company will continue to commit to the Chinese market but did not comment on specific decision details. ByteDance and Shein did not respond to related inquiries.

World Liberty Financial (WLFI) announced that the company has appointed Ryan Ballantyne as Chief Business Officer.Ryan Ballantyne has over thirty years of experience in capital markets, derivatives, asset management, and digital assets. Previously, he served as the Head of Institutional Client Strategy at Coinbase Institutional, where he was responsible for assisting public companies and institutions in adopting digital asset fund management, trading, and custody solutions. Earlier, he held senior positions at Osprey Funds and Blackforce Capital, and worked at institutions such as Susquehanna, Deutsche Bank, and Smith Barney.

According to Bitcoin.com, Gurinder Singh Josan MP and Lord Vaizey, co-chairs of the UK All-Party Parliamentary Group on Crypto and Digital Assets (APPG), have written to the CEOs of major UK banks requesting clarification on whether they provide account services to crypto businesses, what restrictions are placed on digital asset transactions, and whether these policies will be adjusted with the implementation of the new regulatory framework in the UK.The MPs pointed out that access to banking may be the single biggest obstacle to the development of crypto and digital asset businesses in the UK. If licensed crypto businesses are still unable to obtain basic banking services, the competitive goals of the new regulatory system will be difficult to achieve.Lucy Rigby, Economic Secretary to the Treasury, has previously stated that banking service restrictions should not be imposed on FCA-authorized crypto businesses solely due to the nature of the industry. The deadline for submitting written evidence for this inquiry is August 31, and the APPG will use this to make policy recommendations to the government.

Derek Chiang, founder of ZeroDev and former employee of Offchain, announced his joining of Ethlabs, stating that he will focus on promoting Ethereum technologies such as real-time proofs, light clients, and fast confirmations into practical products and commercial scenarios.He mentioned that the current adoption of many underlying Ethereum technologies is still significantly lagging behind their potential, for example, some cross-chain bridges still rely on multi-signature verification for L1 deposits; he hopes that Ethlabs will become a market force for the implementation of Ethereum technologies, persuading developers to adopt them through technical and product advantages rather than just ideology.

According to ChianCatcher news, crypto KOL KUAI DONG tweeted that, after verification from multiple sources, Bitget will restart its CNY / RMB related C2C business that has been suspended for 3 years. The exchange has recently recruited many related professionals with high salaries in the talent market, and internally considers this business as one of the most important this year after its US stock business. The underlying reason is to facilitate the entire process for those seeking to invest in US stocks, from depositing funds, obtaining stablecoins to investing in US stocks.Earlier, Bitget's Chinese region head, Xie Jiayin, tweeted, "The most important thing of this year is about to come, perhaps you will look forward to it, and you won't have to trouble yourself anymore."

According to GlobeNewswire, eToro released its Q2 2026 financial report, showing a significant cooling in its digital asset business at the trading level, but the company continues to advance the infrastructure construction of on-chain finance.In terms of trading data, eToro's cryptocurrency trading volume in July was 1.4 million transactions, a year-on-year decrease of 73%; the average investment amount per cryptocurrency transaction was $182, a year-on-year decline of 50%. The revenue related to cryptocurrency assets in Q2 was $1.346 billion, down from $1.915 billion in the same period of 2025. Despite the decline in cryptocurrency business revenue, the company's overall net profit still grew by 77% year-on-year to $53.48 million.In terms of cryptocurrency strategic layout, eToro completed the acquisition of the digital asset self-custody platform Zengo and the Israeli cryptocurrency trading platform Bit2C in Q2 to strengthen its self-custody service capabilities and promote the integration of traditional finance with the on-chain economy. At the same time, the company also made a strategic investment in the on-chain perpetual contract platform Extended and became a founding partner of the Open USD stablecoin ecosystem alliance, further increasing its investment in on-chain trading and stablecoin infrastructure.As of the end of Q2, eToro's held cryptocurrency assets amounted to $49.95 million, down from $62.61 million at the end of 2025.

Cregis Custody FZE announced that it has received the In-Principle Approval (IPA) granted by the Dubai Virtual Assets Regulatory Authority (VARA), marking a significant milestone in its application for a Virtual Asset Service Provider (VASP) license.Upon completing the subsequent regulatory requirements and obtaining final approval, Cregis Custody FZE will launch regulated digital asset custody services.

The UK Parliament's Crypto and Digital Assets APPG co-chair Gurinder Singh Josan and Lord Vaizey of Didcot have written to the CEOs of all major UK banks, requesting clarification on how they treat cryptocurrency and digital asset businesses. The letter raises six questions regarding the banks' current policies, whether they provide services to crypto businesses, related transaction restrictions and their determining factors, and whether they have adjusted their practices since the UK Financial Conduct Authority (FCA) regulatory regime came into effect.The group stated that many crypto businesses find it difficult to open bank accounts in the UK, and some banks restrict related payments. This letter stems from the parliamentary inquiry into access to banking services launched on July 21, with written submissions due by August 31. A January survey by the UK Crypto Asset Business Council indicated that the proportion of transactions blocked or delayed by banks when transferring to crypto exchanges is estimated to be as high as 40%. HSBC, NatWest, Monzo, and Nationwide limit the amount transferred to crypto exchanges each month to between £5,000 and £10,000, while Starling and Chase UK prohibit such transfers altogether. Lucy Rigby, the Economic Secretary to the Treasury, stated that the government does not want FCA-licensed businesses to be restricted by banks solely because of their industry; the FCA completed the relevant rules in June, and the regime will be enforced from October 2027.

According to ChianCatcher, the New York Times reported that the cryptocurrency project World Liberty Financial (WLFI), associated with the Trump family, received a $100 million purchase of WLFI governance tokens from businessman Guren "Bobby" Zhou through Aqua 1.It is reported that Zhou was arrested in the UK in 2021 on suspicion of money laundering and is still related to an active investigation, but has not yet been charged. UK court records accuse him of participating in money laundering activities that began in 2019 along with five others. Two of his long-term employees were charged last September, one of whom has pleaded guilty. In this transaction, up to $75 million flowed to companies controlled by Trump and his son.

Bitcoin mining company MARA has completed two loans, obtaining $600 million in new debt after pledging 18,750 bitcoins to expand its power generation and AI infrastructure business. The collateral was valued at approximately $1.2 billion at the time of the transaction. The total principal of the two loans is $750 million, with Coinbase Credit providing $450 million, which includes refinancing of the existing $150 million credit line and an additional $300 million; Two Prime Lending provides another $300 million, and both loans have been fully drawn.The interest rate on the Coinbase loan is the midpoint of the Federal Reserve's target rate range plus 3.875 percentage points, maturing on August 4, 2028; the Two Prime loan has a fixed interest rate of 7.65%, maturing on August 3, 2028. If the principal remains unchanged, the annual interest expense for both loans is approximately $56.7 million. MARA stated that the loan funds will be used for general corporate purposes, including paying part of the cash consideration for the acquisition of Long Ridge Energy & Power LLC. The enterprise value of the transaction is approximately $1.5 billion, and Long Ridge owns a 505-megawatt gas power plant and over 1,600 acres of industrial land, which MARA plans to use for power generation, bitcoin mining, and potential AI and high-performance computing parks.

According to CoinDesk citing informed sources, the cryptocurrency exchange BitMEX spent two years discussing potential sales with multiple buyers, including competitor exchanges and payment platform Exodus, before announcing its shutdown, but ultimately failed to reach a deal. Informed sources indicated that potential acquirers were deterred mainly by the holding structure led by the company's founder, the ongoing shrinking of the business, and lingering reputation issues.Reports state that the company had hired investment bank Broadhaven to manage the sale process in early 2025. Informed sources said that although co-founders Arthur Hayes, Ben Delo, and Samuel Reed had already exited the business after facing U.S. criminal charges in 2020, the three still controlled the vast majority of the company's equity, which made some buyers uneasy and complicated negotiations, as buyers typically hope to secure management's retention post-transaction through partial acquisition consideration.Additionally, during the sale process, BitMEX continued to lose market share as trading activity flowed to larger centralized exchanges and decentralized perpetual contract platforms, making potential acquirers reluctant to pay the revenue multiples typically offered to growth companies.

The prediction market platform Kalshi announced the launch of the AI tool Blanket, aimed at helping small businesses hedge operational risks related to weather, energy prices, tariffs, elections, and more using event contracts.Blanket was developed by independent fintech entrepreneur Lauris Zminsky, based on Kalshi's CFTC-regulated prediction market operations, but it is not an internal product of Kalshi. The tool does not directly execute trades or handle funds, but instead analyzes the risks faced by businesses through AI and recommends Kalshi event contracts that can be used for hedging.

DraftKings announced its Q2 2026 financial report, with revenue of $1.443 billion, a year-on-year decrease of 5%, mainly affected by customer-friendly sports outcomes and increased customer acquisition promotional spending; net loss of $67.61 million, compared to a net profit of $158 million in the same period last year; adjusted EBITDA was $115 million, down from $301 million in the same period last year. The sports consumer transaction volume reached $13.1 billion, a year-on-year increase of 15%, with monthly active paying users (MUP) of approximately 3.6 million, a year-on-year increase of 9%, and average revenue per monthly active paying user (ARPMUP) decreased by 13% to $132.CEO Jason Robins stated that the market business has exceeded expectations since its launch in December last year, with relevant customer metrics performing similarly to sports betting, showing strong user acquisition and retention, and the super app has been launched nationwide. The company maintains its guidance for full-year revenue of $6.5 to $6.9 billion and adjusted EBITDA of $700 to $900 million. DraftKings currently offers mobile sports betting services in 27 states and Washington D.C., and Puerto Rico, covering approximately 53% of the U.S. population, with iGaming available in 5 states. The Canadian market has covered Alberta and Ontario, accounting for about 51% of the Canadian population.

According to a report by businesswire, Strategy announced its participation in the "Invest in America Commitment" program, which will contribute $250 annually to the Trump account (i.e., 530A account) for each eligible American employee's minor child, regardless of the child's birth year.For children born on or after January 1, 2025, there will also be an additional one-time matching contribution of $1,000 in seed funding provided by the U.S. government.Phong Le, President and CEO of Strategy, stated, "The Trump account and the Invest in America initiative can build a stronger financial future for American children. The company will match the government's initial $1,000 contribution and provide additional annual contributions for eligible employees' children.These accounts can encourage financial education, long-term thinking, and the cultivation of a savings and investment culture from a young age—these goals are highly consistent with Strategy's values and optimistic vision for the future."The Trump account is a tax-deferred investment account for minors under the age of 18, with investment targets being low-fee U.S. index funds. Children born between 2025 and 2028 can receive a one-time $1,000 seed funding from the U.S. Treasury upon registration. Strategy's program will launch after the Treasury issues final guidance and the employer contribution infrastructure is online. The company has announced the plan to employees during internal quarterly meetings and will share registration details with eligible employees before the launch.

Galaxy Digital (Nasdaq: GLXY) released its Q2 2026 financial report, reporting a net loss of $85.31 million, significantly narrowing from a loss of $216.3 million in Q1, mainly affected by the decline in digital asset prices; adjusted EBITDA was a loss of $77.26 million; as of June 30, total equity was $2.72 billion, with cash and stablecoin holdings of $2.459 billion.In terms of business segments, the digital asset department reported an adjusted gross profit of $65.71 million, a quarter-on-quarter increase of 34%, with the number of trading counterparties reaching 1,741, a quarter-on-quarter increase of 3%, and an average loan balance of $1.438 billion, remaining basically flat quarter-on-quarter, with new loan issuance increasing quarter-on-quarter; the company also launched an OTC prediction market product this quarter, supporting institutional clients in executing multi-asset hedging strategies around event-driven markets. In asset management, the total managed and pledged assets at the end of Q2 were $7.1 billion, a quarter-on-quarter decrease of 12%; this quarter, the Galaxy Fintech Fund long-short hedge fund was newly launched, and a joint venture with State Street was established to launch the tokenized private equity liquidity fund SWEEP.The data center department achieved profitability for the first time this quarter, with an adjusted gross profit of $20.14 million and adjusted EBITDA of $11.49 million. The first phase of the Helios data center park, with a critical IT load of 133 MW, has been fully delivered to CoreWeave, and it is expected to contribute approximately $8 million in rental income each quarter starting from Q3, with project-level adjusted EBITDA profit margins expected to exceed 90%.In terms of corporate progress, on July 28, Galaxy issued $3.5 billion in senior secured notes through its subsidiary to fund the second phase of Helios construction; subsequently, it acquired three new sites in Texas (Merlin, Caspian, Selene), with a total potential installed capacity of approximately 2.1 GW, bringing the company's overall power pipeline scale to over 5.7 GW. Additionally, Galaxy signed a multi-year cooperation agreement with BNY to support the staking services of BNY's digital asset custody platform.

According to Jinshi, U.S. President Trump stated that energy prices will decrease, and businesses should start lowering prices.

According to reports from Huxiu Technology, Jieyue Xingchen is advancing along two strategic lines: one centered around large models, and the other focused on intelligent terminal devices. The mobile phone business has been placed under the independent company "Zhiyue Xingchen," operated by a team with backgrounds in Huawei and Honor, led by terminal president Ni Jiayue. Jieyue's first intelligent terminal phone STEPX Neo was unveiled during WAIC, but the price and mass production schedule have not been announced. Huxiu has learned that Jieyue is building an overseas commercialization team, planning to sell large model APIs (primarily voice models) overseas, and mobile phones will also be included in the overseas sales plan.Jieyue Xingchen's chairman Yin Qi previously attempted the "AI + car" path at Qianli Technology (formerly Lifan Technology), and this time, using mobile phones as the first piece of the terminal strategy aims to establish a closed-loop system of "model---operating system---terminal." The phone is equipped with the Step AOS intelligent terminal operating system, positioned as a carrier for intelligent terminal services, with the business model ultimately returning to Token consumption. Jieyue also maintains model collaborations with 60% of top domestic mobile phone brands, with existing installations exceeding 42 million units, but the potential competitive relationship with its own mobile phone business remains unclear. As of the time of publication, Jieyue Xingchen has not commented.

According to Jinshi reports, SoftBank expects artificial intelligence and cloud business to achieve a 30% annual growth before the fiscal year 2027.