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first_img Arkham: Bitmine ETH holdings are approaching the 5% target, and after reaching the target, it is most likely to slow down buying rather than stop

According to Arkham Research, Bitmine, the world's largest Ethereum treasury company, currently holds approximately 5.81 million ETH, valued at nearly $11 billion. After 14 months of continuous accumulation, its holdings have reached 4.8% of the ETH supply, achieving about 96% of its publicly set acquisition target of 5%. Unlike Bitcoin treasury companies such as Strategy, Bitmine has used over 5 million ETH for staking to earn interest, with an annualized staking income estimated at approximately $257 million based on a yield of about 2.63%.According to Arkham's analysis, the most likely scenario for the trajectory after reaching the 5% target is that Bitmine will slow down its purchases. On-chain data shows that its acquisition pace has already slowed this year, and after surpassing 5%, it may shift towards balance sheet management and maximizing staking returns. The second most likely scenario is to continue buying at the same pace. Considering that Tom Lee, co-founder of Fundstrat, who leads this strategy, has consistently been bullish, it is possible that they will continue to increase their holdings after breaking through 5%. The least likely scenario is to completely stop buying. If this largest enterprise-level ETH buyer in the market exits the demand side, it may temporarily weaken bullish sentiment, but even without new additions, its staking holdings will still grow passively through network rewards.

hot_img Intel's EMIB-T advanced packaging faces yield challenges, with the first mass production target in 2027 only at 50%

According to Taiwanese media reports, Intel's next-generation advanced packaging technology EMIB-T is facing severe yield challenges. ABF substrate supplier Unimicron stated during its earnings call on July 29 that the technology is "not yet mature," and the yield target for three EMIB-T substrate suppliers (Unimicron, Ibiden, and Shinkawa) during the initial mass production phase at the end of 2027 is only 50%.EMIB-T is Intel's advanced packaging solution that competes with TSMC's CoWoS-L, differing in that it embeds the silicon bridge directly into the substrate rather than using a silicon interposer, making substrate suppliers a key factor in determining success or failure. Google's ninth-generation TPU has confirmed that it will adopt EMIB-T packaging when it goes into mass production in 2028, with MediaTek responsible for chip co-design. If the chip successfully goes into mass production, its shipment volume is expected to challenge NVIDIA. Unimicron stated that the customer (Intel) has provided a profit guarantee mechanism, ensuring that suppliers can remain profitable even if yields are poor, and that profit margins will exceed the company's average level after achieving the 50% yield target. Currently, there is still considerable uncertainty about whether EMIB-T can achieve its mass production target by the end of 2027.

XRP Ledger plans to launch a privacy transfer feature, targeting the over $530 million institutional-grade tokenized asset market

The latest software version 3.3.0 of the XRP Ledger (XRPL) introduces multiple upgrade proposals, among which the "Confidential Transfers" feature aims to provide higher privacy protection for institutional users, supporting the encryption of token balances and transfer amounts while maintaining visibility of account and token types. This feature is primarily targeted at Multi-Purpose Tokens (MPT) on the XRPL, with application scenarios including tokenized financial assets such as funds and bonds. Through cryptographic technologies like zero-knowledge proofs, the network can verify the validity of transactions without disclosing specific amounts.According to market news, the XRPL currently has approximately $1.38 billion in on-chain real-world assets (RWA), including about $845.7 million in RLUSD. In addition to RLUSD, there are over $530 million in tokenized assets on the XRPL, involving issuers such as Ondo, VERT Capital, Archax, and Société Générale. Besides Confidential Transfers, the XRPL 3.3.0 version also includes five proposals: Batch, Sponsor, Permission Delegation, and Dynamic MPT, which address institutional needs for batch transactions, fee payment, permission management, and dynamic adjustment of token attributes. However, these upgrades have not yet been officially launched and will need to gain over 80% support from trusted validation nodes on the XRPL for two consecutive weeks before activation. The market is paying attention to whether institutions like Aviva and Ondo, which have issued assets on the XRPL, will adopt this privacy feature.

Bank of America maintains a target price of $235 for SpaceX, which is approximately 87.5% higher than the reference price after the earnings report

Bank of America reiterated its "Buy" rating on SpaceX after the earnings report, maintaining a target price of $235, which is approximately 87.5% higher than the reference price of $125.33 after the earnings report. Bank of America believes that its bullish logic is no longer primarily based on the rocket launch business, but rather on the AI infrastructure business.Bank of America expects SpaceX's AI business revenue to approach $24.5 billion by 2026, accounting for more than half of the company's total revenue forecast. Meanwhile, the collaboration with Anthropic has been contributing revenue since May of this year, and the computing power collaboration with Google is expected to start in October this year. As a result, Bank of America has raised its performance forecasts for the next few years: the revenue forecast for 2026 has been raised by about 15% to $46.9 billion; the revenue forecast for 2027 has been raised by about 29% to $100.7 billion; the revenue forecast for 2028 has been raised by about 29% to $184.8 billion.However, Bank of America also expects that as capital expenditures continue to expand, SpaceX will still maintain large negative free cash flow in the coming years. It estimates: free cash flow of -$43.6 billion in 2026; -$45.4 billion in 2027; and -$37.4 billion in 2028.
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