White House Plans to Establish a Bitcoin Strategic Reserve System to Lead Digital Assets (Issue 2 · Week 28, 2026)

01Latest Developments

Latest Developments

07-10 Multiple developments have emerged at the regulatory and judicial levels. Goldman Sachs and Google have successively restricted their employees and partners from accessing prediction markets, compounded by investigations by the CFTC and cases of insider trading, putting the industry under intense regulatory pressure. The trial in the case of Lu Jun, accused of taking bribes, has been suspended for over half a year pending a verdict; the prosecution revealed that he received bribes totaling 12.18 million yuan in the form of Bitcoin and other benefits. Regarding market sentiment, CryptoQuant noted that recent Bitcoin rebounds are merely bearish corrections, with the bullish rating index still indicating a clearly bearish market condition. On the industry side, TeraWulf plans to raise $3.5 billion to expand its data centers to serve Anthropic’s facilities in Kentucky. Metaplanet and Progmat announced a partnership to explore digital credit solutions, aiming to integrate Bitcoin, stablecoins, and tokenized securities to build credit infrastructure.

07-09 A pivotal moment has arrived in the fields of asset management and compliance. Vanguard Group has shifted from rejecting Bitcoin ETFs to hiring executives specializing in digital assets, with plans to integrate its $12 trillion in managed assets into tokenization and stablecoin infrastructure. The transition period for Europe’s new MiCA regulations has ended, leading to significantly higher compliance requirements that have eliminated 90% of firms, leaving only 12% in operation; Germany has established itself as a leader with 57 approved licenses.

07-07 Policy battles and corporate actions have intensified. When launching a savings program at the White House, Trump hinted at the possibility of including Bitcoin, reiterating that the U.S. needs to take control of digital assets to counter China. Strategy Group broke its promise when its mNAV fell below 1, triggering its first large-scale sale of $216 million worth of Bitcoin to pay preferred stock dividends, which raised concerns about a 4% sell-off across global holdings. New Hampshire established a blockchain dispute tribunal through legislation HB639, modeled after Delaware’s judicial system, as states shift focus from tax rate competition to judicial infrastructure development.

07-06 Macroeconomic and industry outlooks were released. Federal Reserve Chairman Josh Walsh signaled accommodative policies, and combined with weaker-than-expected U.S. employment data, this pushed Bitcoin to recover strongly from low levels. Market attention now turns to July’s CPI figures and interest rate decisions. ARK Invest boldly invested $77 million more in crypto stocks against the trend; data shows that the volatility of these individual stocks has doubled, coupled with unique corporate risks. Strategy Group founder Stephen Saylor looked ahead to 2036, asserting that Bitcoin will become the cornerstone of global digital capital, with conservative development of underlying protocols alongside explosive innovation in the upper-layer financial ecosystem. The threat of quantum computing is becoming apparent, with Google and IBM making rapid progress; Q-Day might arrive earlier than 2032, exposing the risk of $180 billion in dormant assets. Mining companies face a critical test—when the hash price falls below $30, the gross profit of older equipment turns negative, and only those with the capability to transform through AI can survive the reshuffle.

02Impact Analysis

Macroeconomic policy discussions have shifted from mere conceptual explorations to concrete competition over infrastructure and battles over judicial jurisdiction, with a significantly broader impact scope. Trump’s team hinted on 07-07 about including Bitcoin in savings programs while emphasizing U.S. dominance. Coupled with New Hampshire establishing a blockchain court on the same day to assert judicial authority, this trend indicates that digital assets are evolving from marginal financial instruments into core national infrastructure. Meanwhile, Vanguard announced on 07-09 its intention to integrate $12 trillion in asset management assets into tokenized facilities, signaling that traditional asset management giants are shifting from rejection to deep integration, thus accelerating the reshaping of industry rules.

Market sentiment and capital flows show stark divergence, with short-term selling pressure coexisting alongside long-term capital inflows. On 07-07, Strategy sold $216 million worth of Bitcoin for the first time as its mNAV dropped below $1, raising concerns about the stability of its business model. CryptoQuant further noted on 07-10 that the current rebound still falls within a bear market range, indicating that price-related impacts have not yet subsided. However, ARK increased its holdings of crypto stocks by $77 million against the trend on 07-06, while TeraWulf planned to raise $3.5 billion to expand its data centers on 07-10, showing that institutional capital continues to flow in through equity and physical infrastructure channels to offset spot market selling pressure.

The industry landscape is undergoing rapid restructuring, with both compliance requirements and survival barriers rising. The transition period for the EU’s MiCA regulation ended on 07-09, with only 12% of firms surviving. Germany emerged as a leader with 57 licensed entities. Rising compliance costs have led to increased industry concentration. In the mining sector, the hash rate dropped below $30 per watt on 07-07, forcing older mining equipment to operate at losses. Only high-quality miners capable of undergoing AI-driven transformations will be able to survive this restructuring, as the industry is shifting from pure computing power competition to a competition that combines energy efficiency with computing power. Additionally, the Lu Jun case was suspended pending judgment on 07-10, with prosecutors revealing that he had received Bitcoin and other assets worth 12.18 million yuan, continuing to pose risks at the judicial level.

03Keep an eye on it.

Ongoing Monitoring Points

1. Scale of MSTR Cashouts and Progress in Repairing mNAV (Continued) Continue to track the Bitcoin cashouts carried out by Strategy to pay dividends, with a focus on whether mNAV rises above 1 to confirm that the underlying business logic has been restored. If mNAV remains below 1 and the scale of cashouts continues to increase, it may trigger concerns among markets about a chain reaction of sell-offs due to the global 4% holding position.

2. Shift in U.S. Macroeconomic Policies and Verification via CPI Data (Continued) Closely monitor July’s CPI data and subsequent interest rate decisions to determine whether the Federal Reserve will send out easing signals. Previous weaker-than-expected employment data had driven Bitcoin to rebound; it is necessary to see if a policy shift can support prices in breaking through the $64,000 resistance level, or if, as some institutions suggest, it will only result in a brief bear market rebound.

3. Financing Capabilities of Mining Companies and Effectiveness of AI Transformation (New) With the hash price falling below $30, pay close attention to the financing progress of mining companies such as TeraWulf (which plans to raise $3.5 billion to expand data centers) as well as the rate at which older equipment is phased out. If they fail to cover costs through AI transformation or lower electricity costs, industry consolidation will accelerate.

4. Competition for Judicial Jurisdiction and Survival Rate of Compliant Licenses (New) Monitor the implementation progress of New Hampshire’s blockchain court (HB639 law) and its impact on Delaware’s dominance in registration fees. At the same time, track the survival status of institutions in the EU after the MiCA transition period (currently only 12% remain alive), to assess how the regulatory landscape battle will reshape the industry structure.

5. Countermeasures Against Quantum Computing Threats and Risks of Dormant Assets (New) As Q-Day might arrive earlier than 2032, it is essential to closely follow the advancement of BIP protection measures, particularly the security upgrade plans for the 180 billion dormant assets, to guard against potential threats from quantum attacks on Bitcoin’s underlying protocol.

04Related Reads

1. “高管们表态后禁令突然出台：预测市场面临高盛和谷歌的双重打压”
2. “路军案庭审暂停已超过半年，等待判决，涉及比特币等相关利益输送”
3. “CryptoQuant称比特币的反弹属于熊市中的反弹”
4. “比特币矿业公司TeraWulf计划筹集35亿美元用于扩建数据中心”
5. “Metaplanet与Progmat携手研究数字信贷领域”
6. “资产管理巨头态度转变：规模达12万亿的资金开始投入加密基础设施领域”
7. “MiCA法规实施后仅有12%仍在使用：德国凭借57张许可证处于领先地位”
8. “特朗普试图掌控加密货币领域，比特币或被纳入儿童账户”
9. “mNAV价格跌破1美元引发抛售潮，MSTR违背承诺套现2.16亿美元”
10. “新罕布什尔州设立区块链法庭，意图打破特拉华州两百年的注册费垄断地位”
11. “就业数据疲软，比特币价格能否反弹至6.4万美元？”
12. “ARK基金逆势投资7700万美元：加密股票是避风港还是双重陷阱？”
13. “Saylor预言：比特币将在十年间不断发展，底层架构保持稳定而上层应用将飞速发展”
14. “Q-Day倒计时：量子计算将如何威胁比特币以及价值4520亿美元的资产？”
15. “哈希价跌破30美元：矿业公司面临生存考验，同时正在寻求向AI领域转型”